Bangladesh has dropped a plan to renew oil-fired power plants and is turning to import gas, buying its most expensive liquefied natural gas (LNG) cargo in its history, industry sources told Reuters on Friday.
Bangladesh scrapped a plan to renew the lease of five oil-fired power plants nearing expiry, after finding that it was not cost-effective to do so, an official from the power ministry, who declined to be identified, told Reuters. The official did not provide further details.
The South Asian country bought an LNG cargo for delivery in late September from commodity trader Vitol at $29.89 per million British thermal units (mmBtu), the highest price it has paid for LNG, three sources said.
