Bangladesh will pay approximately $960 million per month from July to clear outstanding payments to LNG suppliers, IOCs, and power plant owners.

The decision was made following a directive from Prime Minister Sheikh Hasina.

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$160 million will go to the Power Division to clear debt with power plant owners, and $80 million will be allocated to the Energy and Mineral Resources Division for payments to LNG suppliers and IOCs.

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Clearing debt is essential to ensure uninterrupted natural gas supplies and stabilize the energy sector.

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The MPEMR's Power Division has requested around $5.921 billion for the fiscal year 2023-24 to ensure uninterrupted electricity supply.

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Bangladesh aims to settle energy bills with global lenders to avoid disruptions before the upcoming general election in January 2024.

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Petrobangla is in talks to borrow around $500 million from the Islamic Trade Finance Corporation to support the energy sector.

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The government owes around $2.4 billion to private independent power producers, $475 million for electricity imports from India, $350 million to gas companies, and $320 million to LNG suppliers.

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The new model offers enhanced output shares to investors and allows companies to export natural gas after meeting domestic demand.

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