Excelerate Energy Inc. Inks an Agreement with Petrobangla to Reinforce its Presence in Bangladesh

Excelerate Energy Inc. has fortified its presence in Bangladesh by entering into a substantial long-term agreement with the Bangladesh Oil, Gas & Mineral Corporation, known as Petrobangla. With this deal set to commence in January 2026, Excelerate will supply Petrobangla with an annual shipment of 0.85 to 1.0 million tonnes of liquefied natural gas (LNG) over a 15-year period. The terms stipulate an incremental delivery schedule, with Excelerate providing 0.85 million tonnes per annum (MTPA) for the first two years, and increasing to 1 MTPA for the remaining term, up until 2040.

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This strategic engagement is not the first of its kind for Excelerate in Bangladesh. The company made its initial inroad into the Bangladeshi market in 2018 with the development of the Moheshkhali LNG floating storage and regasification unit (FSRU) terminal.

This project was pivotal as it introduced LNG to the Bangladeshi energy market for the first time. Building on this foundation, Excelerate expanded its local infrastructure by deploying a second FSRU to the Bay of Bengal, thereby enhancing its capacity and flexibility in supplying natural gas.

Over the years, Excelerate has capitalized on its infrastructural footprint in the region to secure spot LNG cargo sales, demonstrating its ability to adapt to market demands swiftly. These two FSRUs operated by Excelerate are critical components of Bangladesh's energy infrastructure, supplying around 25% of the nation's natural gas requirements.

The new SPA reflects a natural progression in Excelerate's business strategy, aiming to not only augment its market share but also to play a crucial role in meeting the growing energy needs of Bangladesh. Through this long-term commitment, Excelerate continues to reinforce its integration into the Bangladeshi energy sector, positioning itself as a reliable supplier dedicated to supporting the country's quest for energy security and sustainable growth.

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According to the article by Procurement Resource, Excelerate Energy Inc. has entered into a decisive 15-year agreement with Petrobangla, beginning January 2026, to deliver up to 1.0 million tonnes of LNG annually to Bangladesh. The deal escalates deliveries from 0.85 MTPA in the first two years to 1 MTPA thereafter. Building on its 2018 introduction of LNG to Bangladesh with the Moheshkhali FSRU, Excelerate will bolster supply with a second FSRU in the Bay of Bengal, playing a key role in powering the nation with around 25% of its natural gas from these facilities. This SPA cements Excelerate's commitment to fueling Bangladesh's energy growth and security.