QatarEnergy, Excelerate Energy sign LNG supply deal to Bangladesh

QatarEnergy and Excelerate Energy (Excelerate) signed a long-term LNG sale and purchase agreement (SPA) for the supply of LNG from Qatar to Bangladesh.

As part of the SPA, Excelerate will purchase up to one million tons per annum (MTPA) of LNG from QatarEnergy to be delivered to floating storage and regasification units in Bangladesh for 15 years starting in January 2026.

Excelerate will purchase 0.85 MTPA of LNG in 2026 and 2027, and one MTPA from 2028 to 2040.

“This inaugural long term supply agreement with the world’s largest LNG supplier marks a new milestone in our collaboration with QatarEnergy. Qatar delivers approximately 10 percent of its current annual LNG production through Excelerate FSRUs and we are pleased to unlock further new demand in the markets where we operate,” said Steven Kobos, President and Chief Executive Officer of Excelerate. “This agreement highlights our ability to secure critical and affordable LNG volumes for our customers with increasing natural gas demand, while driving stable, long-term economic uplift on our existing infrastructure.”

His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “We are pleased to sign this agreement with Excelerate for the supply of up to one million tons per annum of LNG to Bangladesh. This new agreement will further strengthen our relationship with Excelerate while also supporting the energy requirements of the People’s Republic of Bangladesh and its stride towards greater economic development.”

Qatar is the largest LNG supplier to Bangladesh and in statement it said it wanted to be the LNG supplier of choice for partners in the South Asia LNG markets.