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Fri, 11/18/2022 - 12:44

Bangladesh to Explore 'Fair' Price of Russian Oil & Gas Supplies During Lavrov Visit

The nation of 165 million people has been facing a severe power crisis because of decreased oil and diesel supplies - the primary source of most of the country’s power plants. Factories reported a loss of up to 50 percent of production thanks to power cuts and gas shortages. Energy cooperation between Dhaka and Moscow will be top priority when Russian Foreign Minister Sergei Lavrov visits the country, Bangladesh’s State Minister for Foreign Affairs Mohd. Shahriar Alam said. Lavrov is slated to visit Bangladesh on 23 November to attend the 22nd Indian Ocean Rim Association (IORA) Council of Ministers (COM) meeting. "We have received confirmation from Moscow that the Russian Foreign Minister will visit [Dhaka]. We will try to explore how to import oil and gas at a fair price," the minister told reporters in the Bangladeshi capital. The minister also said that his government will also try to get duty cut on exports to the Russian market, food grains supply, and a quick implementation of the under-construction Rooppur nuclear power plant in the Pabna district. "Russia is gradually becoming a big market [for Bangladesh]. Duty is the biggest impediment to enhancing trade. So far, I know there is still a 35 percent duty for shipments to Russia," Alam emphasized. Bangladesh has been reeling from a severe power crisis as tight foreign exchange reserves affect its ability to compete with the wealthy European Union in the energy market. On 8 November, Bloomberg NEF warned that Bangladesh’s $416Bln economy might not see an increase in gas imports through 2026 because it was unable to compete with Europe on prices. Read more: