Dhaka: Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Chowdhury Ashik Mahmud Bin Harun has provided clarification on the recently signed heads of agreement (HOA) with US-based Argent LNG. The agreement outlines the potential import of up to 5 million tonnes of liquefied natural gas (LNG) annually for 20 years.
According to Bangladesh Sangbad Sangstha, Harun emphasized that the HOA is non-binding and represents an initial step in the negotiation process. It sets out key terms while allowing for further negotiations to reach a comprehensive and binding contract. The process will adhere to the laws of Bangladesh, including the Public Procurement Act, 2006, the Public Procurement Rules, 2008, and the Foreign Private Investment (Promotion and Protection) Act, 1980.
The agreement was formalized by Chowdhury Ashik Mahmud Bin Harun and Argent LNG Chairman and CEO Jonathan Bass during a ceremony held at the Bangladesh Embassy in Washington, DC on Friday. Argent LNG is in the process of
developing a 25 million metric tonnes per annum (MTPA) LNG facility in Louisiana, US.