Excelerate And QatarEnergy Seal 15-Year LNG Pact For Bangladesh's Energy Surge

Excelerate Energy Inc EE and QatarEnergy penned a long-term LNG sale and purchase agreement (SPA) for supplying LNG from Qatar to Bangladesh.

As per SPA, Excelerate will buy up to one million tons per annum (MTPA) of LNG from QatarEnergy, which will be delivered to floating storage and regasification units in Bangladesh for 15 years beginning in January 2026.

In particular, the company plans to purchase 0.85 MTPA of LNG in 2026 and 2027, and one MTPA over 2028-2040.

His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and 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.”

In November, the company also inked a long-term LNG SPA with Petrobangla to sell 0.85 to 1.0 million tonnes per annum (MTPA) of LNG for a term of 15 years beginning in 2026.

Excelerate is expected to release fourth quarter and full year 2023 results on February 28, 2024.

Price Action: EE shares closed higher by 0.52% at $15.54 on Friday.