Petrobangla, Excelerate ink term sheet for LNG terminal use deal

The state-run Petrobangla inked on Wednesday a term sheet for LNG terminal use agreement with US-based Excelerate Energy Ltd in the run-up to build the country's first floating LNG terminal at Moheshkhali Island in the Bay of Bengal by early 2017.
The firm will now carry out a metocean study before inking the final terminal use agreement with Petrobangla.
The US company will also carry out a geo-technical study and detail engineering design before starting construction of the LNG terminal with floating storage and re-gasification unit.
Excelerate Energy will build the terminal within 16 months after signing the final deal.
Prime Ministers' Adviser Dr Tawfiq-e-Elahi Chowdhury was present as the chief guest of the deal signing ceremony at Petrobangla headquarter in the city.
He said building the LNG terminal and import of LNG was necessary to ensure diversification of energy sources. It should have been done much earlier.
Mr Chowdhury also emphasised energy conservation and efficiency by consumers to meet the mounting demand in future.
State Minister for Power, Energy and Mineral Resources Nasrul Hamid said LNG import will be a new window in energy sourcing.
He also said the country's energy requirement will mount up in future, for which the diversification is necessary.
Petrobangla inked an initial LNG terminal deal with the consortium of Excelerate Energy and Astra Oil on June 26 last year to build the terminal after several years of negotiations.
The cabinet committee on economic affairs approved on January 14 this year awarding the deal with Astra Oil and Excelerate Energy to build the terminal.
    mazizur.rahman@outlook.com