QatarEnergy and Excelerate Energy ink deal to supply LNG to Bangladesh

The supply of liquefied natural gas in Bangladesh will increase following the signing of a deal between QatarEnergy and US-based Execelerate Energy.

The 15-year agreement will see Excelerate buy up to 1 million tonnes per annum of LNG from QatarEnergy, which will be delivered to floating storage and regasification units in Bangladesh starting in January 2026, according to a press statement.

QatarEnergy said Excelerate will purchase 0.85 mtpa of LNG in 2026 and 2027 and 1 mtpa from 2028 to 2040.

Saad Sherida Al-Kaabi, Qatar’s minister of state for energy affairs, said: “We are pleased to sign this agreement with Excelerate for the supply of up to 1 mtpa of LNG to Bangladesh.”

Al-Kaabi, who is also the president and CEO of QatarEnergy, added: “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 toward greater economic development.”

Excelerate entered the Bangladesh market in 2018 and now operates two floating storage and regasification units in the Asian country.

In 2023, QatarEnergy signed significant deals to supply LNG to European nations.

In October of that year, the energy firm reach an agreement with oil giant Eni to supply up to 1 mtpa of LNG to Italy, starting from 2026 for a term of 27 years.

The gas will be sourced from the joint venture between QatarEnergy and Eni, which holds an interest in the Middle East country’s North Field East expansion project.

In the same month, the firm signed two deals with TotalEnergies to supply France with up to 3.5 mtpa of LNG.

According to the agreement, the gas will be delivered to the Fos Cavaou receiving terminal in southern France. Deliveries are expected to start in 2026 and last 27 years.

In May 2023, QatarEnergy signed another agreement with China Petrochemical Corp., also known as Sinopec, to deliver 3 mtpa of LNG to the Asian giant.