November 8, 2023 [Businesswire]- Excelerate Energy, Inc. (NYSE: EE) (Excelerate or the Company) today announced that it has signed a long-term liquefied natural gas (LNG) sale and purchase agreement (SPA) with the Bangladesh Oil, Gas & Mineral Corporation (Petrobangla). Under the SPA, Petrobangla has agreed to purchase 0.85 to 1.0 million tonnes per annum (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.
“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, President and Chief Executive Officer of Excelerate. “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.”
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 (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.
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