June 21, 2023

OQ Trading signs an LNG SPA Agreement with Petrobangla

Press release
Corporate Trading

OQ Trading Ltd (OQT), an energy trading entity owned by OQ, the global integrated energy group, signed on Monday, June 19th, a new LNG Sales and Purchase Agreement (SPA) with Petrobangla, a state-owned company responsible for the exploration, production, and distribution of oil, gas, and mineral resources in the Bangladesh.

Under the new SPA, OQT will deliver between 0.25 mill tons to 1.5 million tons of LNG per annum from their diverse global portfolio, adding to the 1.0 mtpa already contracted in the initial SPA signed in May 2018. This new SPA is set to last until 2035, providing both companies with increased stability and a prolonged avenue for growth.

On this occasion, Wail bin Zuhair Al Jamali, CEO of OQT, said: “The new LNG Sales and Purchase Agreement marks a pivotal moment in the collaboration between OQT and Petrobangla and both nations. This new long-term agreement solidifies the partnership of both companies and sets a new stage for mutually beneficial cooperation.”

He added: “This significant increase in LNG trade between OQT and Petrobangla serves as a testament to the strong partnership that has developed over the years.”