Excelerate Energy signs LNG sale and SPA with Petrobangla

Excelerate Energy announced that it has signed a long-term liquefied natural gas sale and purchase agreement, or SPA, with the Bangladesh Oil, Gas & Mineral Corporation, or Petrobangla. Under the SPA, Petrobangla has agreed to purchase 0.85 to 1.0 million tonnes per annum, or MTPA, of LNG from Excelerate for a term of 15 years beginning January 2026. Excelerate will deliver 0.85 MTPA of LNG in 2026 and 2027 and 1 MTPA from 2028 to 2040. This long-term SPA represents the next phase of Excelerate’s plan to integrate its business in Bangladesh. Excelerate first opened the Bangladesh market to LNG in 2018 with the development of its integrated Moheshkhali LNG floating storage and regasification unit, or FSRU, terminal. In the years since, the Company deployed a second FSRU terminal to the Bay of Bengal and has utilized 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.