Excelerate Energy signs 15-Year LNG supply deal

Under the SPA, Excelerate has agreed to purchase up to 1 million tpy of LNG from QatarEnergy on a delivered ex-ship basis in Bangladesh for 15 years, beginning January 2026. Excelerate will purchase 850 000 tpy of LNG in 2026 and 2027 and 1 million tpy from 2028 - 2040.

“This inaugural long term supply agreement with the world’s largest LNG supplier marks a new milestone in our collaboration with QatarEnergy. Qatar delivers approximately 10% of its current annual LNG production through Excelerate FSRUs and we are pleased to unlock further new demand in the markets where we operate,” said Steven Kobos, President and Chief Executive Officer of Excelerate. “This agreement highlights our ability to secure critical and affordable LNG volumes for our customers with increasing natural gas demand, while driving stable, long-term economic uplift on our existing infrastructure.”

Commenting on the occasion, His Excellency Mr Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “We are pleased to sign this agreement with Excelerate for the supply of up to 1 million tpy of LNG to Bangladesh. This new agreement will further strengthen our relationship with Excelerate while also supporting the energy requirements of the People’s Republic of Bangladesh and its stride towards greater economic development.”

As a leading provider of flexible LNG infrastructure and integrated solutions, Excelerate Energy is helping to enhance energy security for countries around the world, while supporting their transition to a clean energy future.

Excelerate Energy has established a presence in Bangladesh’s LNG market, having developed and operated Bangladesh’s maiden floating LNG terminal, the Moheshkhali floating LNG terminal. Boasting a regasification capacity of up to 500 million ft³/d of gas, the project was a testament to Excelerate Energy’s commitment to bettering the energy infrastructure of Bangladesh.

The Moheshkhali floating LNG terminal was a collaborative effort between Excelerate Energy, Petrobangla, and the International Finance Corporation (IFC), mandated to provide and arrange the necessary financing for the terminal.

Read the article online at: https://www.tanksterminals.com/terminals/16022024/excelerate-energy-signs-15-year-lng-supply-deal/