Excelerate Energy Inc said on Wednesday that it had signed a long-term liquefied natural gas sale and purchase agreement with the Bangladesh Oil, Gas & Mineral Corporation (Petrobangla).
Under the agreement, Petrobangla will purchase 0.85 to 1.0 million tonnes per annum of LNG from Excelerate for a period of 15 years, starting January 2026.
Excelerate Energy first opened the Bangladesh market to LNG in 2018 with the establishment of its integrated Moheshkhali LNG floating storage and regasification unit terminal.
Later, the company deployed a second such terminal to the Bay of Bengal and has utilized its infrastructure position to win spot LNG cargos sales into Bangladesh.
“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,” Steven Kobos, President and Chief Executive Officer of Excelerate, said in a press release.
“Long-term LNG offtake agreements like this SPA 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 and meaningful value creation for our shareholders,” the CEO added.
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