Bangladesh and Algeria have agreed to deepen energy cooperation with a newly signed memorandum of understanding opening up opportunities for Dhaka to import liquefied natural gas and other petroleum products through a government-to-government (G2G) mechanism.
The issue was discussed at a bilateral meeting between State Minister for Foreign Affairs Humaiun Kobir and Algerian Foreign Minister Ahmed Attaf in Algiers on Thursday, as Dhaka seeks to diversify its energy supply and strengthen cooperation with international partners.
The two ministers discussed ways to expand bilateral trade and investment, particularly in energy, fertilisers, agriculture, textiles, pharmaceuticals, leather, education and people-to-people contacts, according to a press release issued by Ministry of Foreign Affairs.
Kobir expressed satisfaction over the signing of the memorandum of understanding on cooperation in the hydrocarbon sector, describing the agreement as an opportunity to open new avenues for bilateral energy cooperation.
Beyond the potential import of LNG, LPG and petroleum products, the agreement creates opportunities for Bangladesh and Algeria to work together on refinery development, LNG infrastructure and the exploration of coal and gas fields in Bangladesh, the ministry said.
The cooperation could provide Bangladesh with another potential source of energy imports as it seeks to meet domestic demand for fuel and gas while reducing its dependence on a limited number of suppliers.
During the meeting, Attaf said the Algerian president had issued immediate directives to ensure the memorandum was signed on a priority basis in response to Bangladesh’s energy needs.
The Algerian Petroleum Institute also expressed interest in providing training and knowledge-sharing programmes for Bangladeshi engineers and technicians.
The proposed initiative aims to strengthen local technical expertise and help Bangladesh develop greater self-reliance in the energy sector.
The discussions also covered fertiliser supplies, an important issue for Bangladesh given the agricultural sector’s dependence on adequate and affordable fertiliser to sustain production.
Kobir highlighted Bangladesh’s need to import fertilisers to support its agriculture sector, to which Attaf responded that Algeria was interested in collaborating with Dhaka in this area.
Cooperation in fertilisers could broaden the bilateral relationship beyond energy and create opportunities to support Bangladesh’s agricultural requirements.
The two sides also explored opportunities for industrial cooperation. Attaf sought Bangladesh’s experience in reviving Algeria’s textile industry and expressed interest in collaboration in pharmaceuticals, leather and textiles.
Bangladesh’s experience in developing its ready-made garment industry could offer scope for knowledge-sharing, investment and industrial partnerships, while cooperation in pharmaceuticals and leather could help diversify trade between the two countries.
The ministers also underscored the importance of holding Foreign Office Consultations regularly to maintain momentum in bilateral engagement. The next round of consultations is expected to take place in Dhaka soon.
They further emphasised the importance of exchanging high-level visits to consolidate existing relations and identify new areas of cooperation.