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Excelerate begins operations at second offshore LNG facility in Bangladesh

Chron logo Chron 5/2/2019 Sergio Chapa, Houston Chronicle

The Woodlands liquefied natural gas company Excelerate Energy has placed its second offshore LNG facility in Bangladesh into service.

Specializing in offshore import terminals that use a special type of LNG tanker known as floating storage and regasification units, or FSRUs, Excelerate Energy said its Summit LNG project is now in operations in the Bay of Bengal.

Anchored about 1.25 miles away from Excelerate Energy's Moheshkhali Floating LNG terminal near Cox's Bazaar, Bangladesh, Summit LNG is expected to double the South Asian nation's LNG import capacity.

"The successful completion of the Summit LNG Terminal represents a significant positive change to Bangladesh's energy supply – helping bolster local industry while benefiting the citizens of the country," Excelerate Energy Managing Director Steven Kobos said in a statement.

Boston to Bangladesh: Houston company emerges as global leader in offshore LNG

Developed through a 2017 concession from Bangladesh's state-owned company Petrobangla, Summit LNG has the capacity to deliver 500 million cubic feet of natural gas per day through an underwater pipeline.

"This natural gas will provide huge impetus to growth and development of Bangladesh. Summit will continue its endeavor to provide low cost environmentally friendly energy solutions to Bangladesh," Summit Group Founder Chairman Muhammed Aziz Khan said in a statement.

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Founded in 2003 and backed by Oklahoma billionaire George B. Kaiser, privately held Excelerate now employs about 100 and controls more than $3 billion in assets around the world.

Excelerate owns more than one-third of the world's current floating storage and regasification unit fleet of two dozen ships.

Although they cannot import as much natural gas by volume, offshore LNG import terminals are viewed as a more flexible and cost-effective option than onshore facilities.

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