Excelerate Energy, Petrobangla Ink Deal for LNG Import Facility Construction

Excelerate Energy and Petrobangla have reached agreement on terms for the development and operation of Bangladesh’s first LNG import terminal.

The agreement includes the provision of one of Excelerate’s existing floating storage and regasification units (FSRU) under a 15-year long-term charter, as well as the design and construction of the facility.

Located offshore near Moheshkhali Island in the Bay of Bengal, the terminal will provide much needed natural gas to the southeastern Chittagong region of Bangladesh.

The facility will include the installation of a subsea buoy system anchored offshore.

The buoy system will act as both the mooring mechanism for the FSRU and as the conduit through which natural gas is delivered to shore through a subsea pipeline.

The FSRU will have 138,000 cubic meters of LNG storage capacity and a base regasification capacity of 500 million standard cubic feet per day.

Press Release, June 27, 2014