Bangladesh approved a 12-year LNG agreement with Gunvor. Deal covers 117 cargoes through 2038.

Bangladesh approved a 12-year agreement to import 117 liquefied natural gas cargoes from U.S.-based Gunvor USA LLC as the country seeks to secure long-term energy supplies amid rising demand.

Gunvor will deliver the cargoes from 2026 through 2038. Fourteen cargoes scheduled through 2028 will be priced using the Japan Korea Marker, while 103 cargoes from 2029 through 2038 will use a U.S. Henry Hub-linked formula.

The Cabinet Committee on Government Purchase also approved six cargoes for more immediate needs and gave in-principle approval for direct purchases of eight additional cargoes.

Bangladesh has become increasingly dependent on imported liquefied natural gas as domestic gas reserves fail to meet demand. Officials said the long-term pricing structure was designed to reduce exposure to volatility in global energy markets.