February 06, 2024

Mayer Brown advises Excelerate Energy on a 15-year LNG Sale and Purchase Agreement with QatarEnergy

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Mayer Brown advised long-term client Excelerate Energy, Inc. (Excelerate) in connection with a 15-year liquefied natural gas (LNG) sale and purchase agreement (SPA) with QatarEnergy. Under this LNG SPA, Excelerate has agreed to purchase LNG on a delivered ex ship (DES) basis from QatarEnergy over a term of 15 years. Excelerate will purchase 0.85 million tonnes per annum (MTPA) of LNG in 2026 and 2027 and ramp up to 1.0 MTPA from 2028 to 2040. This LNG is intended to supply floating storage and regasification units (FSRUs) in Bangladesh.

Qatar is the largest supplier of LNG to Bangladesh, and this long-term agreement between QatarEnergy and Excelerate will further aid in Bangladesh's energy demand. Excelerate operates the Moheshkhali LNG FSRU terminal in Bangladesh and a second FSRU terminal in the Bay of Bengal. The company supplies approximately 25% of Bangladesh’s natural gas supply.

Nick Kouvaritakis, global head of LNG at Mayer Brown, commented: “We are delighted to have advised Excelerate on its landmark LNG supply agreement with QatarEnergy. Excelerate is a key energy client of the firm and we are delighted to have supported Excelerate on this significant supply deal with the world’s largest LNG supplier, QatarEnergy”.

The Singapore-based team was led by partner Nick Kouvaritakis and included partner Sean Prior, counsel Nick Kendrick, and senior associate Shi Ning Ong.

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