Excelerate Energy signs LNG sales agreement with Petrobangla

Texas-based Excelerate Energy has signed a long-term liquefied natural gas (LNG) sale and purchase agreement with the Bangladesh Oil, Gas & Mineral Corporation (Petrobangla).

Unveiled today (8th Nov), the deal will see Petrobangla purchase 0.85 to 1.0 million tonnes per annum (mtpa) of LNG from Excelerate over a 15-year period, beginning January 2026.

Excelerate will deliver 0.85mtpa of LNG in 2026 and 2027 and 1mtpa from 2028 to 2040.

Steven Kobos, President and CEO of Excelerate, described Bangladesh as one of the most dynamic LNG markets in the world and says he looks forward to partnering with Petrobangla.

He added, “Long-term LNG offtake agreements like this are an essential part of our integrated growth strategy. Our ability to secure long-term SPAs is expected to result in ratable economic uplift on our existing infrastructure.”

Excelerate first opened the Bangladesh market to LNG in 2018 with the development of its integrated Moheshkhali LNG floating storage and regasification unit (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. Today, Excelerate’s two FSRUs in Bangladesh deliver approximately 25% of the country’s natural gas supply.

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