DHAKA, Bangladesh

A 15-year deal on liquefied natural gas (LNG) was signed between Bangladesh and the Middle Eastern energy hub of Qatar on Thursday in Doha, according to a media statement issued by the former's Power, Energy and Mineral Resources Ministry on Thursday.

As per the Government to Government (G2G) agreement signed in the presence of Bangladesh's State Minister for Power, Energy, and Mineral Resources Nasrul Hamid, and Qatar's State Minister for Energy Saad Sherida al-Kaabi, Bangladesh will import an additional 1.5 million tons per annum (MTPA) of LNG, which is critical for keeping the country's economy stable and meeting rising energy demand.

The deal was signed between Bangladesh's state-owned Petrobangla and Qatar's state-owned Ras Laffan Liquefied Natural Gas Company Ltd. (Qatargas).

Petrobangla Chairman Zanendra Nath Sarker, and Executive Vice President (Marketing) of Qatar Energy Trading LLC, Abdulla Ahmad Ai-Hussaini signed the contract on behalf of their respective sides.

"As one of the fastest growing economic countries, the demand for gas and electricity in Bangladesh is rising day by day," Hamid said during the signing ceremony.

Amid global energy instability, this long-term deal, which Hamid said would further cement bilateral energy collaboration between the two nations, "is undoubtedly a comfortable achievement for Bangladesh."

"We are determined to meet the need for energy for the country's industrial field and keep the economy stronger," he added.

Under the new deal, Bangladesh will acquire an additional 1.5 MTPA of LNG per year starting in 2026 until 2040, the statement said.

The South Asian Muslim-majority nation already signed a deal with Qatar on Sept. 25, 2017, for a supply of between 1.8 and 2.5 MTPA of LNG over a 15-year period.

"We are proud to be the biggest supplier of LNG to Bangladesh. The annual supply of over 3.5 million tons of LNG will contribute to the overall development of Bangladesh, including socio-economic progress," Al-Kaabi said.