Since 2018, Bangladesh has been importing liquefied natural gas (LNG) to address its energy crisis, despite expert recommendations to focus on domestic gas exploration. The first LNG shipment was supplied to the national grid on April 25, 2018, by the U.S.-based Excelerate Energy. Later, Summit Oil and Shipping joined the sector. In recent years, LNG imports from the United States have surged, particularly in 2024, when Bangladesh recorded its highest-ever LNG imports from the country.

Petrobangla signed long-term agreements with Qatar’s Ras Laffan Liquefied Natural Gas Company Limited in 2017 and Oman’s OQ Trading in 2018. Under these agreements, Qatar committed to supplying LNG for 15 years, while Oman agreed to a 10-year contract. Additionally, Bangladesh has procured LNG from 22 companies in the spot market, with a significant portion originating from the United States. The first LNG import from the U.S. occurred in December 2019, and between then and December 2024, Bangladesh purchased 128,798 MMCF (million cubic feet) of LNG, according to the U.S. Energy Information Administration (EIA), though financial details remain undisclosed.

Bangladesh’s LNG imports from the U.S. have fluctuated over the years. In 2019, the country imported 10,660 MMCF, but the volume surged to 37,735 MMCF in 2021, marking a 254% increase. However, the Russia-Ukraine war drove LNG prices to record highs in 2022, forcing Bangladesh to cut imports from the U.S. to 12,663 MMCF, a 66% decline. As global LNG prices fell in 2023, Bangladesh ramped up purchases, importing 24,147 MMCF—91% more than in 2022.

By 2024, LNG imports from the U.S. soared again, reaching 40,175 MMCF, up 66.38% from the previous year. The final four months of the year—September through December—accounted for more than 75% of total imports, with October recording the highest monthly LNG shipment. While LNG prices remained relatively low at the beginning of the year, they nearly doubled by year-end, prompting Bangladesh to increase imports before further price hikes.

Additionally, the Bangladeshi government is set to sign a long-term LNG supply agreement with Excelerate Energy. Under the proposed 15-year contract (2026–2040), the company will provide 1–1.5 million tons of LNG annually, with pricing linked to crude oil rates at 13.35% per unit, plus an additional $0.35 per unit.