Excelerate Energy L.P, Petrobangla, and the Government of Bangladesh have recently executed the Terminal Use Agreement (“TUA”) and the Implementation Agreement (“IA”) for the construction and operation of Bangladesh’s first LNG import terminal – Moheshkhali Floating LNG. Located offshore near Moheshkhali Island in the Bay of Bengal, the terminal will provide the crucial infrastructure required for the country to access natural gas from global markets. The signing of the agreements signals the commencement of the project and the approval to move forward to implementation. The terminal is expected to be in operation in 2018.
The new terminal will enable Petrobangla to procure LNG from international gas markets which will further complement and enhance Bangladesh’s ability to reliably use the country’s domestic natural gas reserves. Moheshkhali Floating LNG will be the world’s first fully integrated turnkey floating LNG terminal whereby all services will be provided under a single contract by a single provider – Excelerate Energy. 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 138,000 cubic meters of LNG storage capacity and a base regasification capacity of 500 million standard cubic feet per day.