Regarding the recently signed heads of agreement (HOA) with US-based Argent LNG for the possible import of up to 5 million tonnes of liquefied natural gas (LNG) annually for 20 years, Chowdhury Ashik Mahmud Bin Harun, executive chairman of the Bangladesh Investment Development Authority (BIDA), has provided clarification.
“Signing a non-binding HOA that outlines key terms but leaves room for negotiation is the first step in a process,” said Harun in a statement issued today.
According to him, the Public Procurement Act of 2006, the Public Procurement Rules of 2008, and the Foreign Private Investment (Promotion and Protection) Act of 1980 will all be followed in the process of creating a thorough, legally binding contract.
At a ceremony held Friday at the Bangladesh Embassy in Washington, DC, Chowdhury Ashik Mahmud Bin Harun and Jonathan Bass, Chairman and CEO of Argent LNG, signed the agreement.
In Louisiana, the United States, Argent LNG is presently building a 25 million metric tonnes per annum (MTPA) LNG complex.
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