Bangladesh is likely to explore Latin American countries as new source of energy as part of reducing high dependence on the Gulf countries to ensure energy security in the country, sources said.

Currently, Saudi Arabia, UAE, Qatar, Kuwait, and Oman are the major exporters of petroleum products to Bangladesh, primarily through government-to-government (G2G) deals. The government is also considering expanding Eastern Refinery Limited (ERL) to reduce reliance on imported refined fuel.

Diplomatic sources said that Bangladesh has also deeply considering to tap some South American counties to procure energy.

Energy expert Professor Dr Ijaz Hossain, former dean of engineering at Bangladesh University of Engineering and Technology (BUET), while talking to this correspondent said as the world is going through mid and long term, Bangladesh should explore new market to ensure energy security reducing the traditional markets. He said that African and Latin American countries to be tapped as new sources of energy.      

South American energy exports are dominated by oil, natural gas, and coal, with growing renewable energy capacity. Venezuela, Brazil, Colombia, and Argentina are major fossil fuel exporters, while the region leads globally with over 80% renewable electricity generation. Key exports include oil, gas, and biofuels, with expanding investments in clean hydrogen and solar. Venezuela is the historically a top oil exporter in South America.

 Brazil is a large oil producer and a leader in biofuels, particularly bioethanol, with plans for 12 clean hydrogen hubs.

Colombia is major coal exporter, also exporting oil and natural gas. Argentina is a significant producer of natural gas and biodiesel from soy oil.

Bolivia is a key natural gas exporter to neighboring Southern Cone countries.

Chile is a leading the region in solar energy development and aiming for massive renewable

growth by 2030, with plans to phase out coal by 2040

Among Latin American countries, Bangladesh has sound business relations with  Brazil Argentina and also with Uruguay

Argentina is most likely to post surpass last year's record energy trade surplus in 2026, supported by infrastructure that has improved the country's capacity to ship oil and gas analysts said.

The 2026 energy trade surplus could range from $8.5 billion to $10 billion, and would depend mainly on oil production, three analysts told Reuters.

Argentina posted a record energy surplus of $7.8 billion last year, with exports of $11.1 billion, up nearly 13% from 2024, while imports fell 18% to $3.3 billion.