Govt to buy Tk 527cr LNG from spot market

The government yesterday approved two proposals to import more than 67.2 lakh MMBTUs liquefied natural gas from the spot market for Tk 527.24 crore. The meeting gave its consent to a proposal of Petrobangla to buy 33.6 lakh MMBTUs (million British thermal units) of LNG from Singapore-based Vitol Asia Pte Ltd at the cost of Tk 248.53 crore. Each MMBTU will cost $7.44. The committee also gave the go-ahead to another proposal to procure 33.6 lakh MMBTUs of LNG from AOT Trading of Switzerland for Tk 278.70 crore. The price is $8.345 per MMBTU. On February 17, the government gave its nod to two proposals to buy 67.2 lakh MMBTUs of LNG from the spot market through Vitol Asia for Tk 623 crore to meet the growing demand for the super-chilled fuel. Bangladesh also buys LNG from Qatar and Oman under a government-to-government agreement.

Source: https://www.thedailystar.net/business/news/govt-buy-tk-527cr-lng-spot-market-2058433

Inflation quickens to 5.32pc in Feb

General inflation accelerated to 5.32 per cent in February, fueled by an increase in both food and non-food items, according to the Bangladesh Bureau of Statistics (BBS). Last month’s Consumer Price Index (CPI) was up 30 basis points from 5.02 per cent in January as it broke three months’ declining streak. Food inflation increased 19 basis points to 5.42 per cent because of the rise in the price of rice, edible oil, sugar, and broiler chickens. Non-food inflation advanced 48 basis points to 5.17 per cent. Inflation in rural areas went up by 33 basis points to 5 per cent, stoked by a sharp increase in non-food inflation, which stood at 4.61 per cent in February compared to 4.15 per cent in January. Food inflation increased to 5.72 per cent, up 26 basis points from January’s 5.46 per cent. In urban areas, general inflation was 5.30 per cent, an increase by 25 basis points. Food inflation ticked up to 4.76 per cent from 4.72 per cent. Non-food inflation in the urban centres saw a hike by 51 basis points to 5.92 per cent last month. On February 2, the Bangladesh Bank said global inflation might rise in the near future. As a result, inflation may face some pressure in near future. The World Bank said commodity prices continued to surge in February, with energy commodities jumping 14.3 per cent and non-energy commodities rising 2.5 per cent. The Bangladesh Bank has set a 5.4 per cent inflation target in the current fiscal year.

Source: https://www.thedailystar.net/business/news/inflation-quickens-532pc-feb-2058441

Meghna Group launches two oceangoing vessels

The Meghna Group of Industries, one of the country’s leading businesses houses, yesterday launched two oceangoing dry bulk carriers in a bid to strengthen its capacity to carry both local and international cargo. MV Meghna Princess and MV Meghna Adventure have a carrying capacity of 62,500 tonnes each. The Meghna Group of Industries, one of the biggest commodity importers and processors in Bangladesh, operates 145 vessels, including 110 vessels of its own to carry cargo. Excluding the contract for the four other vessels, the group’s investment in shipping stands around $150 million. Some 7.09 crore tonnes of cargo was imported in 2020, up 3.5 per cent from 6.85 crore tonnes the previous year, showed data from Chattogram Port Authority. Kamal said the number of vessels in Bangladesh was insignificant compared to that in countries such as the Philippines and Indonesia. The Philippines has 550 vessels while Indonesia 11,600. Oceangoing ship owners earlier said Bangladesh spends $7-8 billion as freight charges to carry goods for its imports and the country has the opportunity to retain a portion of freight.

Source: https://www.thedailystar.net/business/news/meghna-group-launches-two-oceangoing-vessels-2058461