Bangladesh has signed an oil supply agreement with SOCAR.
elchi reports that this was announced by Bangladesh’s Minister of Power, Energy and Mineral Resources, Iqbal Hasan Mahmud, at the ministerial plenary session held within the framework of the 31st Baku Energy Forum.
According to the minister, Bangladesh is expanding cooperation with new partners to strengthen energy security and diversify supply sources.
“We have signed an agreement with SOCAR for the purchase of petroleum products. At the same time, we are also discussing the issue of LNG supply,” he noted.
I. H. Mahmud stated that since domestic natural gas production does not fully meet internal demand, Bangladesh is forced to increase LNG imports. According to him, the rise in LNG prices in global markets creates an additional burden on the state budget.
The minister added that Bangladesh aims to generate 10,000 MW of solar energy capacity by 2030. This should help reduce dependence on energy imports and pressure on subsidies.