B Mirror Report: The Cabinet Committee on Economic Affairs has granted policy approval for the direct purchase of eight cargoes of liquefied natural gas (LNG) and 5,000 tonnes of liquefied petroleum gas (LPG) to ensure the country’s emergency energy supply.

The approval was given at a meeting held on Thursday at the Secretariat, chaired by Finance Minister Amir Khasru Mahmud Chowdhury.

The committee approved a proposal to procure 5,000 tonnes (±5%) of LPG from Speed Marketing Corporation (Speed Group) through the direct procurement method to meet emergency domestic demand, increase the government’s share in the LPG market, and help stabilize prices.

The LPG cargo will contain 35–40% propane and 60–65% butane and will be purchased at the Saudi Aramco Contract Price (CP) plus an additional US$97 per tonne on a CFR basis.

The committee also approved four separate proposals for the direct purchase of eight LNG cargoes to address the country’s urgent gas demand amid geopolitical instability linked to the Iran conflict and the United States-Israel tensions.

Under the approved proposals, Blackcube International Limited of the United Kingdom, Global Fuel Supplies Pte Ltd of Australia, Plentitude Energy Sdn Bhd of Malaysia, and Maxwell International SPC of Oman will each supply two LNG cargoes through direct international procurement.