Officials from QatarEnergy and Excelerate Energy during the agreement signing ceremony. Credit: QatarEnergy.

QatarEnergy and Excelerate Energy have entered into a long-term agreement for the supply of liquefied natural gas (LNG) to Bangladesh.

The 15-year sale and purchase agreement (SPA) will commence in January 2026.

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Under the terms of the SPA, Excelerate will purchase up to one million tonnes per annum (mtpa) of LNG from QatarEnergy, with deliveries to floating storage and regasification units (FSRUs) in Bangladesh.

The initial two years will see Excelerate buying 0.85mtpa in 2026 and 2027, with the quantity increasing to 1mtpa from 2028 through to the end of the contract in 2040.

QatarEnergy president and CEO and Qatar Minister of State for Energy Affairs Saad Sherida Al-Kaabi said: “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.”

The deal is a strategic move in line with QatarEnergy’s broader ambitions tied to its North Field expansion project, reported Reuters.

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The North Field expansion project is set to increase Qatar’s LNG production capacity from 77mtpa currently to 126mtpa by 2027.

Excelerate president and CEO Steven Kobos said: “This inaugural long-term supply agreement with the world’s largest LNG supplier marks a new milestone in our collaboration with QatarEnergy.

“Qatar delivers approximately 10% of its current annual LNG production through Excelerate FSRUs and we are pleased to unlock further new demand in the markets where we operate.

“This agreement highlights our ability to secure critical and affordable LNG volumes for our customers with increasing natural gas demand, while driving stable, long-term economic uplift on our existing infrastructure.”

Last month, Reuters reported that QatarEnergy was looking to finalise long-term LNG supply agreements in both Asia and Europe.