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QatarEnergy and Excelerate sign deal to supply 1 Mt/year of LNG to Bangladesh

QatarEnergy has signed a long-term supply agreement with the US company Excelerate Energy to supply Bangladesh with LNG. Under the 15-year agreement, Excelerate will purchase up to 1 Mt/year of LNG from QatarEnergy, which will be delivered to floating storage and regasification units (FSRUs) in Bangladesh. Supply is scheduled to start in January 2026. Specifically, Excelerate will buy 0.85 Mt/year of LNG in 2026 and 2027, followed by 1 Mt/year from 2028 to 2040. 

In November 2023, Excelerate Energy had signed a 15-year sales and purchase agreement with Bangladesh’s state-owned company Petrobangla to supply between 0.85 and 1 Mt/year of LNG to the South Asian country, starting in 2026. The US group has thus secured LNG from Qatar for this SPA with Petrobangla.

Bangladesh currently imports LNG via its Moheshkhali Floating LNG import facility, operated by Petrobangla, and via an FSRU-based terminal belonging to Bangladesh’s Summit Group. In June 2019, Summit received approval from the government of Bangladesh to develop the country’s third floating LNG terminal in Moheshkhali. Bangladesh imported 5.1 bcm of natural gas in 2022, 100% of which was LNG.