‘Fascist Joy Behind Gas Crisis’: Pinaki Bhattacharya’s Investigation

The country’s unprecedented gas and energy crisis stems from corruption, nepotism, Opaque contracts and undue political influence during the Sheikh Hasina government, writer and political analyst Pinaki Bhattacharya has claimed in a recent investigation.

In a video analysis, Mr. Pinaki said gas supply to Habiganj Industrial Park fell to zero on August 12, forcing 171 factories to close the following day and leaving an estimated 150,000–200,000 workers without jobs.

He said around 80% of production at textile, dyeing, printing and re-rolling mills in Narsingdi, Madhabdi, Gazipur, Narayanganj, Savar and Ashulia has stopped or fallen below half capacity. BSRM has also shut 10 major plants, threatening the construction sector.

Citing BKMEA President Mohammad Hatem, he said more than 300 garment factories have closed nationwide, with export losses reaching 40–50%. European buyers are reportedly cancelling orders and shifting them to neighbouring countries. BKMEA leaders have sought 12-month installments for delayed July-August gas and electricity bills and regular government briefings.

Around 37% of Bangladesh’s daily gas supply comes from two FSRUs in Maheshkhali, operated by Summit and US-based Excelerate Energy. After a fire broke out on Excelerate’s vessel on July 21, Petrobangla initially described it as a technical fault. Foreign experts were later brought in after local engineers failed to identify the problem.

He questioned why the investigation report has not been made public and described the incident as suspicious, including the possibility of sabotage.

Although repairs were completed on August 15, the scheduled LNG cargo did not arrive on August 17. Gas reserves at the maritime terminals consequently fell to zero between August 19 and 22. Pinaki alleged that the resulting shortage forced Bangladesh to buy gas from the spot market at inflated prices.

He also pointed to problems in direct procurement without tenders. An LNG cargo named Al Hamla, a Moss-type vessel, reportedly could not dock at Maheshkhali because of its spherical deck design and remained offshore without supplying gas.

The added that spot-market gas was purchased in August at $22.35 per unit, compared with $9–10.40 under regular contracts or earlier purchases. One vessel’s three-day supply allegedly cost nearly Tk 500 crore more, prompting questions over the additional expenditure.

Mr. Pinaki linked the crisis to a 15-year BOT agreement signed with Excelerate Energy on July 18, 2016, covering 2018–2032. He alleged that former energy adviser Toufiq-e-Elahi Chowdhury and Sajeeb Wazed Joy lobbied for the deal.

The terminal uses a vessel built in 2005 and reportedly cost $180 million. Bangladesh pays $454,000 a day, or around $165.7 million a year, as a capacity charge. By 2032, the vessel will be around 30 years old, while Bangladesh is scheduled to assume ownership at the end of the contract.

Mr. Pinaki said information on the contracts was kept confidential under a 2010 special law and called for the agreements, loans and capacity-charge terms concerning the two Maheshkhali terminals to be made public.

He also warned of wider economic consequences, saying factory closures could increase defaulted loans. He claimed fish worth Tk 15 crore died at a single farm because of power and gas shortages.

According to him, Qatar informed Bangladesh in March that it could supply only 20 of the 40 LNG cargoes agreed under a government-to-government deal. He alleged that no concrete alternative arrangement was made over the following five months.

Criticising the BNP and government officials for shifting blame, he said the crisis cannot be resolved through irresponsible political statements. He also called for contracts he described as against the national interest to be reviewed or amended to prevent further energy and economic disruption.