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Excelerate announces milestone for floating Bangladesh import terminal

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LNG Industry,

Excelerate Energy has announced that it has completed the necessary geotechnical and geophysical studies for the Moheshkhali floating LNG terminal in Bangladesh. This follows the execution of definitive agreements with Petrobangla earlier in 2016.

The floating terminal is a joint effort between Excelerate and International Finance Corp. (IFC). The completion of these activities means that the project is still on schedule to receive its first delivery of LNG in early 2018, with financial close planned for early 2017.

The studies have confirmed the viability of the project site location, and provided critical data for the environmental social impact assessment to ensure that the project will be safe, environmentally sound, and meet IFC requirements.

Rob Bryngelson, the Chief Executive Officer of Excelerate, said: “Our dedicated project development, operations, and technical teams are working aggressively to ensure that the project moves forward quickly and efficiently. We stand ready to deliver LNG to Bangladesh and are pleased with the progress we've made and relationships we've developed with Petrobangla and the Government of Bangladesh.

"Excelerate is the only FSRU provider capable of delivering a comprehensive end-to-end floating LNG import solution, and we look forward to a long and productive relationship with Petrobangla in Bangladesh."

The project will be first fully integrated turnkey floating LNG terminal in the world whereby all services will be provided under a single contract by a single provider (Excelerate). The project will be developed, designed, permitted, constructed, installed, financed and operated by Excelerate. The company will own and operate the terminal under a 15-year agreement with Petrobangla.

Under its contract with Petrobangla, the company will provide a floating storage regasification unit (FSRU), as well as an offshore subsea buoy system to anchor the FSRU, and a subsea pipeline to interconnect into the onshore natural gas system. Furthermore, the company will also provide full operational services, including the supply of port service vessels and overall facility management. The FSRU will be able to deliver gas at a base regasification rate of 500 million ft3/d, with peaking capacity significantly in excess of this.

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