Excelerate Energy and Petrobangla Sign Long-Term LNG Sale and Purchase Agreement

Rhea-AI Summary

Excelerate Energy, Inc. (NYSE: EE) has signed a long-term LNG sale and purchase agreement (SPA) with Bangladesh Oil, Gas & Mineral Corporation (Petrobangla) to supply 0.85 to 1.0 million tonnes per annum (MTPA) of LNG for 15 years starting January 2026. This agreement is part of Excelerate's integrated growth strategy and aims to support Bangladesh's energy needs, representing a significant milestone for the company's business in Bangladesh.

Positive

• Excelerate signed a long-term SPA with Petrobangla, demonstrating the company's commitment to the dynamic LNG market in Bangladesh and its ability to secure long-term agreements. The agreement is expected to create economic uplift on existing infrastructure and generate meaningful value for shareholders.

Negative

• None.

THE WOODLANDS, Texas--(BUSINESS WIRE)-- Excelerate Energy, Inc. (NYSE: EE) (Excelerate or the Company) today announced that it has signed a long-term liquefied natural gas (LNG) sale and purchase agreement (SPA) with the Bangladesh Oil, Gas & Mineral Corporation (Petrobangla). Under the SPA, Petrobangla has agreed to purchase 0.85 to 1.0 million tonnes per annum (MTPA) of LNG from Excelerate for a term of 15 years beginning January 2026. Excelerate will deliver 0.85 MTPA of LNG in 2026 and 2027 and 1 MTPA from 2028 to 2040.

“Bangladesh is one of the most dynamic LNG markets in the world, and Excelerate has been a key player since the country began importing LNG. Natural gas is important to Bangladesh’s economy, and we look forward to partnering with Petrobangla to help the country meet its rapidly growing energy needs,” said Steven Kobos, President and Chief Executive Officer of Excelerate. “Long-term LNG offtake agreements like this SPA are an essential part of our integrated growth strategy. Our ability to secure long-term SPAs is expected to result in ratable economic uplift on our existing infrastructure and meaningful value creation for our shareholders.”

This long-term SPA represents the next phase of Excelerate’s plan to integrate its business in Bangladesh. Excelerate first opened the Bangladesh market to LNG in 2018 with the development of its integrated Moheshkhali LNG floating storage and regasification unit (FSRU) terminal. In the years since, the Company deployed a second FSRU terminal to the Bay of Bengal and has utilized its infrastructure position to win spot LNG cargos sales into Bangladesh. Today, Excelerate's two FSRUs in Bangladesh deliver approximately 25% of the country’s natural gas supply.

ABOUT EXCELERATE ENERGY

Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from FSRUs to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Helsinki, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding Excelerate’s business strategy and plans, including its integrated growth strategy, and objectives of management for future operations, are forward-looking statements. All forward-looking statements are based on assumptions or judgments about future events and economic conditions that may or may not be correct or necessarily take place and that are by their nature subject to significant risks, uncertainties and contingencies, including the risk factors that Excelerate identifies in its Securities and Exchange Commission filings, many of which are outside the control of Excelerate. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Excelerate undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231108423239/en/

Investors

Craig Hicks

Excelerate Energy

Craig.Hicks@excelerateenergy.com

Media

Stephen Pettibone / Frances Jeter

FGS Global

Excelerate@fgsglobal.com

or

media@excelerateenergy.com

Source: Excelerate Energy, Inc.

FAQ

What is the ticker symbol of Excelerate Energy, Inc.?

The ticker symbol of Excelerate Energy, Inc. is EE.

What is the duration of the LNG sale and purchase agreement (SPA) signed by Excelerate Energy, Inc. with Petrobangla?

The SPA is for a term of 15 years beginning January 2026.

How much LNG will Petrobangla purchase from Excelerate Energy, Inc. annually under the SPA?

Petrobangla has agreed to purchase 0.85 to 1.0 million tonnes per annum (MTPA) of LNG from Excelerate.

What percentage of Bangladesh's natural gas supply is currently delivered by Excelerate's FSRUs?

Excelerate's two FSRUs in Bangladesh currently deliver approximately 25% of the country’s natural gas supply.