Excelerate Energy signs 15-year LNG supply deal with Petrobangla

Excelerate Energy, a US-based liquefied natural gas (LNG) company, and Bangladesh Oil, Gas & Mineral Corporation (Petrobangla), a government-owned national gas company of Bangladesh, have entered into a long-term LNG sale and purchase agreement (SPA).

Excelerate Energy president and CEO Steven Kobos said: “Bangladesh is one of the most dynamic LNG markets in the world, and Excelerate has been a key player since the country began importing LNG. Natural gas is important to Bangladesh’s economy, and we look forward to partnering with Petrobangla to help the country meet its rapidly growing energy needs.

In 2018, the company initially introduced LNG to the Bangladesh market through the commissioning of its $179.5m Moheshkhali LNG floating storage and regasification unit (FSRU) terminal.

Over the subsequent years, the company expanded its presence by deploying a second FSRU terminal in the Bay of Bengal and leveraging its infrastructure to secure spot LNG cargo sales into Bangladesh.

Presently, Excelerate Energy’s two FSRUs contribute roughly 25% of the country’s natural gas supply.