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Also, the adviser focused on the need for investment in building storage facilities for renewable energy in Bangladesh.

Having a balanced mix of energy sources is critical for Bangladesh and its development, he said.

Tawfiq acknowledged that the companies like ExxonMobil, which are looking for liquefied natural gas (LNG) businesses in Bangladesh, require guarantying hedges against the price volatilities.

He asked ExxonMobil to expedite deep-sea exploration and to invest in upgrading transmission networks and land-based facilities.

ExxonMobil expressed a keen interest in working with Bangladesh to support the country’s current pace of development and ensure access to energy.

Bangladesh ambassador to the USA M Shahidul Islam and senior officials from the embassy and ExxonMobil were present at the meeting.

Later, a memorandum of understanding (MoU) was signed between Summit Oil and Shipping Co. Ltd and Commonwealth LNG at the Bangladesh Embassy in Washington DC in the presence of Tawfiq.

The adviser welcomed the signing of the MoU as an important step towards further expanding the existing energy cooperation between Bangladesh and the US.

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