QatarEnergy, Excelerate Energy sign 15-year supply LNG deal (updated)

Excelerate Energy

29/01/2024 08:32

(Updates with details, background throughout)
       DUBAI, Jan 29 (Reuters) - QatarEnergy and U.S.-based
Excelerate Energy  EE.N  signed on Monday a 15-year agreement to
supply 1 million metric tons per year (mtpa) of liquefied
natural gas (LNG) to be delivered to Bangladesh for 15 years
from January 2026.  
    The deal is the latest in a series state-owned QatarEnergy
has with European and Asian partners tied to its massive North
Field expansion project, which is expected to lift Qatar's LNG
production to 126 mtpa by 2027 from 77 mtpa now.
    Qatar, among the world's top LNG exporters, is already the
largest supplier of LNG to Bangladesh.
    It views natural gas as a transition fuel that will be
needed far into the future.
    "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," QatarEnergy Chief Executive Saad
al-Kaabi said in the statement.
    Al-Kaabi told Reuters last month QatarEnergy expected to
agree long-term LNG supply deals in Asia and Europe, with
several imminent.
    Excelerate will buy 850,000 mtpa of LNG in 2026 and 2027,
then 1 mtpa from 2028 to 2040, QatarEnergy said. It will be
shipped to floating storage and regasification units in
Bangladesh. 
    Daniel Bustos, Excelerate Energy's executive vice president
and chief commercial officer, said in September the company was
in advanced talks to supply long-term LNG to Bangladesh.

 (Reporting by Mohd Edrees; Writing by Yousef Saba and Clauda
Tanios; Editing by Louise Heavens and Barbara Lewis)
 ((Clauda.Tanios@thomsonreuters.com))