QatarEnergy signs 15-year LNG supply deal with Excelerate

By Shilpa Annie Joseph, Official Reporter
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QatarEnergy signs deal with Excelerate
Officials during the signing ceremony.

QatarEnergy has signed a long-term LNG sale and purchase agreement (SPA) with Excelerate Energy (Excelerate) for the supply of LNG from Qatar to Bangladesh.

Under the agreement, Excelerate will purchase up to one million tons per annum (MTPA) of LNG from QatarEnergy to be delivered to floating storage and regasification units in Bangladesh for 15 years starting in January 2026.

Qatar is the largest LNG supplier to Bangladesh. Qatar aims to maintain its position as Bangladesh’s primary LNG supplier, reinforcing its commitment to the South Asian LNG markets. Qatar is also one of the world’s top LNG producers, alongside the United States, Australia, and Russia.

According to the statement, the deal includes Excelerate purchasing 0.85 MTPA of LNG in 2026 and 2027, and one MTPA from 2028 to 2040.

His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of QatarEnergy, expressed satisfaction with the agreement, emphasizing its support for Bangladesh’s energy needs and economic development.

“We are pleased to sign this agreement with Excelerate for the supply of up to one million tons per annum of LNG to Bangladesh. 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,” said Al-Kaabi in a statement.

Last year, QatarEnergy signed a five-year crude oil supply agreement with Shell International Eastern Trading Company, Singapore (Shell). The agreement stipulates the supply of up to 18 million barrels per annum of Qatar Land and Qatar Marine crude oils to Shell starting January 2024. The agreement highlights QatarEnergy’s strategy in establishing longer-term strategic business relationships and cooperation.

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