Excelerate signs LNG supply deal with Bangladesh's Petrobangla

US-based Excelerate Energy has signed a 15-year LNG supply agreement with Petrobangla, the state-owned oil and gas company of Bangladesh, it said on November 8.

Under the agreement, Petrobangla will purchase 0.85mn to 1mn tonnes/year of LNG from Excelerate. The first deliveries will begin in January 2026. Excelerate will deliver 0.85mn tonnes/year of LNG in 2026 and 2027 and 1mn tonnes/year from 2028 to 2040. 

The agreement is a significant expansion of Excelerate's presence in Bangladesh, where the company already supplies approximately 25% of the country's natural gas.

“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,” said Steven Kobos, CEO of Excelerate. 

Excelerate first opened the Bangladesh market to LNG in 2018 with the development of its Moheshkhali LNG floating storage and regasification unit (FSRU) terminal. The company has since deployed a second FSRU terminal to the Bay of Bengal.

The agreement was approved by the Bangladesh government last month.