Excelerate Confirms Deal to Build Bangladesh's First LNG Import Terminal
Excelerate Energy L.P. confirmed Monday that the firm, Petrobangla, and the Government of Bangladesh have executed the Terminal Use Agreement (TUA) and the Implementation Agreement (IA) for the construction and operation of Bangladesh’s first liquefied natural gas (LNG) import terminal -- Moheshkhali Floating LNG (FLNG).
The FLNG, to be located offshore near Moheshkhali Island in the Bay of Bengal, will provide the crucial infrastructure required for Bangladesh to import natural gas when the terminal becomes operational in 2018.
The FLNG project is a result of the collaboration between Excelerate, Petrobangla, and IFC -- a member of World Bank -- which provided and arranged the required financing for the terminal.
"This innovative project would not be possible without the critical support and collaboration of Petrobangla and the Government of Bangladesh ... 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," Excelerate Chief Development Officer Daniel Bustos said in the press release.
Excelerate Energy said Moheshkhali Floating LNG will be the world’s first fully integrated turnkey FLNG terminal where all services will be provided under a single contract by a single provider. The firm will fully develop, design, construct, install, finance, and operate the terminal, providing a single point of interface and responsibility to Petrobangla.
Excelerate will operate the terminal for 15 years, after which it will transfer ownership to Petrobangla.
The terminal will include the provision of one of Excelerate’s existing floating storage and regasification units (FSRU), the installation of a subsea buoy system anchored offshore, and the employment of port service vessels during operation. The FSRU will have 4.87 million cubic feet (138,000 cubic meters) of LNG storage capacity and a base regasification capacity of 500 million standard cubic feet per day (MMscf/d).
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