April 1, 2019 [Chron] – The Woodlands liquefied natural gas company Excelerate Energy has set a delivery date for Summit LNG — its second offshore project in the South Asian nation of Bangladesh.
Specializing in offshore import terminals that use a special type of LNG tanker known as floating storage and regasification units, or FSRUs, Excelerate Energy reported that the company is set to deliver its offshore platform on April 20.
Summit LNG is being developed through a 2017 concession from Petrobangla, Bangladesh’s state-owned company. Once in operation, the facility is expected to double the South Asian nation’s LNG import capacity.
The Summit LNG offshore terminal is being developed about 1.25 miles away from the Moheshkhali Floating LNG terminal near Cox’s Bazaar, Bangladesh.
Owned an operated by Excelerate, Moheshkhali began operations in August 2018. The offshore terminal is preparing to receive its 23rd cargo of LNG, company officials reported.
Founded in 2003 and backed by Oklahoma billionaire George B. Kaiser, privately held Excelerate now employs about 100 and controls more than $3 billion in assets around the world.
Excelerate owns more than one-third of the world’s current floating storage and regasification unit fleet of two dozen ships.
Although they cannot import as much natural gas by volume, offshore LNG import terminals are viewed as a more flexible and cost-effective option than onshore facilities.