LNG

Excelerate Energy, the leading US provider of floating storage and regasification units (FSRUs) and an LNG trader with increased demand from Europe and Asia, has now completed two long-term LNG supply accords focused on delivering more cargoes to Bangladesh and to integrate its business in the South Asian nation.

Excelerate has just signed a 15-year Sales and Purchase Agreement (SPA) with QatarEnergy after signing a similar SPA in late 2023 with Bangladesh’s national energy company PetroBangla as the customer this time.

Excelerate said that under the QatarEnergy deal the Texas-based company would purchase up to 1 million tonnes per annum of LNG from Qatar on a delivered ex-ship basis in Bangladesh and beginning in January 2026.

The US company will purchase 850,000 tonnes per annum in 2026 and 2027 and 1.0 MTPA from 2028 to 2040.

Qatar deal

“This inaugural long-term supply agreement with the world’s largest LNG supplier marks a new milestone in our collaboration with QatarEnergy,” said Steven Kobos, President and Chief Executive of Excelerate.

“Qatar delivers approximately 10 percent of its current annual LNG production through Excelerate FSRUs and we are pleased to unlock further new demand in the markets where we operate,” Kobos explained.

“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,” he stated.

QatarEnergy President and CEO Saad Sherida Al-Kaabi said he was pleased to sign the Excelerate agreement focused on 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,” added Al-Kaabi.

PetroBangla agreement

Excelerate in the third-quarter of 2023 had signed a long-term SPA contract with PetroBangla.

Under that deal the Bangladeshi company has agreed to purchase between 850,000 tonnes and 1.0 MTPA LNG from Excelerate for that 15-year term.

Excelerate first opened the Bangladesh market to LNG in 2018 with the development of its integrated Moheshkhali LNG FSRU terminal.

In the years since, the company deployed a second FSRU terminal to the Bay of Bengal and has utilised its infrastructure position to win spot LNG cargos sales into Bangladesh.

Excelerate's two FSRUs in Bangladesh deliver around 25 percent of the country’s natural gas supply.

June 2 (LNGJ) - QatarEnergy has entered into a long-term LNG Sale and Purchase Agreement with Bangladesh Oil, Gas and Mineral Corp. (PetroBangla) to supply about 1.8 million tonnes per annum of cargoes to Bangladesh for 15 years starting in 2026.

   The SPA signing at QatarEnergy’s Headquarters in Doha was attended by Saad Sherida Al-Kaabi, the President and Chief Executive of QatarEnergy, and Nasrul Hamid, the state minister for Power, Energy and Mineral Resources in Bangladesh. “These supply arrangements reinforce our unwavering dedication to safeguarding the energy security of valued customers like Bangladesh and delivering the reliable energy they require for socio-economic development and prosperity,” said Al-Kaabi who is also Qatar’s Minister of State for Energy Affairs.

US major ConocoPhillips and QatarEnergy will combine to provide 2 million tonnes per annum of LNG to Germany’s new onshore import terminal under development at Brunsbüttel on the Elbe River.