OTI signs pacts with Petrobangla to supply LNG
Oman Trading International Limited (OTI) has signed a 10-year agreement with Petrobangla, the government-owned oil company of Bangladesh, to supply liquefied natural gas (LNG) to Bangladesh.
OTI will supply a base volume of one million metric tonnes a year after the completion of the first two LNG import terminals currently being constructed in Bangladesh.
“This marks an important milestone in the relationship between Oman and Bangladesh. OTI supplies other petroleum products to Bangladesh and we are pleased to sign this strategic long-term supply agreement. We also look forward to expanding our footprint in Bangladesh’s growing market,” said Talal al Awfi, CEO of OTI.
In addition to trading crude, petroleum products and chemicals, OTI commenced its LNG trading business in 2016.
OTI was established in 2006 and has grown from modest beginnings into a global player — trading 20 million tonnes of energy products a year. As a subsidiary of Oman Oil Company (OOC), OTI acts as the commercial arm for all supply and off take of refined products for the Sultanate.