Bangladesh Becomes LNG’s Hottest Story

Bangladesh’s turn to LNG began in 2018, after severe gas shortages in 2017–18 disrupted power generation and industry. Qatar was first to step in with the inaugural cargo, opening the door to a broader import program. From there, purchases quickly widened beyond Doha: according to Kpler data, by 2019, total LNG inflows reached 3.9 million tons LNG, rising to 5.7 million tons in 2024 as demand kept outpacing domestic production and additional sellers – most notably the U.S., Malaysia, and Indonesia – entered the mix. Qatar remains the anchor for the brunt of Bangladesh’s gas requirements via a 2.5 million t/y long-term deal, with two more contracts due from 2026. However, other suppliers have sought to expand into the South Asian country – Oman’s OQ Trading signed a 1.2 million t/y contract in July that would make it the second-largest supplier during its term. Even so, those contracted volumes cover only part of the deficit. To bridge the rest, Bangladesh has leaned hard on the spot market: August 2025 imports hit a record 728 Kt, up 57% year-on-year from 413 Kt, and state-run RPGCL bought 35 spot cargoes in January–August versus 21 a year earlier. US LNG has seen a marked ramp-up in the process, with this year’s imports surpassing 2024 readings by mid-July and continuing to go strong ever since. All this has propelled Bangladesh into the top tier of Asian spot LNG demand, competing directly with China and India for cargoes.