Excelerate Energy, a U.S.-based LNG firm, has signed a long-term sale and purchase agreement (SPA) with the Bangladesh Oil, Gas & Mineral Corporation (Petrobangla) for liquefied natural gas (LNG). Under the agreement, Petrobangla will purchase 0.85 to 1.0 million tonnes per annum (MTPA) of LNG from Excelerate for a term of 15 years starting January 2026. Excelerate will deliver 0.85 MTPA of LNG in 2026 and 2027 and MTPA from 2028 to 2040.

Excelerate Energy first entered the Bangladesh market in 2018 with the development of its integrated Moheshkhali LNG floating storage and regasification unit (FSRU) terminal. Since then, the company has 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.

Steven Kobos, President and Chief Executive Officer of Excelerate, said, “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. Long-term LNG offtake agreements like this SPA are an essential part of our integrated growth strategy. Our ability to secure long-term SPAs is expected to result in ratable economic uplift on our existing infrastructure and meaningful value creation for our shareholders”.