Word from Industry

Petrobangla, Excelerate Energy ink FSRU deal

March 28, 2016

State-owned Petrobangla on Thursday said it has signed a deal with a unit of Texas-based LNG player Excelerate Energy for the use of Bangladesh’s first LNG import terminal.
Under the agreement, Excelerate Energy will deliver Bangladesh’s first FSRU near Moheshkhali Island in the Bay of Bengal on a build-own-operate-transfer basis, Petrobangla said in a statement.
The final 15-year agreement is expected to be signed once the Cabinet Committee on Economic Affairs approves the project, according to media reports.
Excelerate Energy will conduct a geophysical study within the next two months. It was also noted that the terminal’s construction would take 16 months after the final deal is signed. First imports could start in 2018.
The initial agreement on the terms of the development and operation of the country’s LNG import terminal was reached in June 2014.
The FSRU Excelerate Energy agreed to provide will have a storage capacity of 138,000 cubic meters and a base regasification capacity of 500 million standard cubic feet per day.
The facility will include the installation of a subsea buoy system anchored offshore which 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.