QatarEnergy and Excelerate Energy (Excelerate) signed a long-term liquefied natural gas (LNG) sale and purchase agreement (SPA) for the supply of LNG from Qatar to Bangladesh.
Under 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, the Qatari company said in a Jan. 29 release.
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Excelerate will purchase 0.85 MTPA of LNG in 2026 and 2027, and one MTPA from 2028 to 2040.
Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and Chief Executive Officer (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.”
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Qatar is the largest LNG supplier to Bangladesh.
QatarEnergy is part of a consortium, with TotalEnergies and Petronas, that was awarded a shallow water block offshore Guyana. Contract signing is expected in the first quarter of 2024.
