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Excelerate and Petrobangla finalise agreements for Bangladesh’s first LNG import terminal

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LNG Industry,

Excelerate Energy has announced that it has signed the final agreements with Petrobangla for Bangladesh’s first LNG import terminal – Moheshkhali floating LNG. The floating storage and regasification unit (FSRU) will be located offshore near Moheshkhali Island in the Bay of Bengal, and will help provide the country with gas from global markets. It is expected that the terminal will commence operations in 2018.

Daniel Bustos, the Excelerate Chief Development Officer, said: “This innovative project would not be possible without the critical support and collaboration of Petrobangla and the Government of Bangladesh.

"The signing of these agreements not only authorises Excelerate to begin developing this vital project, but it also demonstrates the trust bestowed upon us by Petrobangla and the nation. We are confident our experience and expertise in delivering floating regasification solutions in a cost-effective and timely manner ensure we will provide an efficient and reliable project for Bangladesh."

The project will be the world’s first fully integrated turnkey floating LNG terminal whereby all services will be provided by a single provider – Excelerate Energy – under one contract. The company will handle the development, design, construction, installation, financing and operation of the terminal. Excelerate will operate it for 15 years, before it is handed over to Petrobangla.

The project will also involve the provision of an existing Excelerate FSRU, the installation of a subsea buoy system anchored offshore, and the employment of port service vessels during operation. The FSRU will be capable of storing 138 000 m3 of LNG, and will have a base regasification capacity of 500 million ft3/d.

Edited from press release by David Rowlands

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