Petrobangla to buy $ 8.5b cargoes from US Excelerate Energy 

Petrobangla will import 28 cargoes during 2026-27, followed by 16 cargoes annually from 2028 to 2040 from U.S.-based Excelerate Energy LLC starting in early 2026, under a long-term supply agreement.

"The deal, worth an estimated $8.5 billion, is one of the country's largest energy import contracts. However, the average annual cost is expected to be around $600 million," according to a senior official of Petrobangla.

"We (Bangladesh) will follow the Indonesian successful story in its trade negotiations with the USA, they used energy purchases as leverage in its trade negotiations with the US administration…Bangladesh hopes to replicate it," he added.

Washington imposed a 35 per cent reciprocal tariff on Bangladeshi exports in response to a $62 billion trade deficit in 2024. That levy has since been reduced to 20 per cent, but further cuts are expected to hinge on reciprocal trade incentives.

During the reciprocal tariff negotiation in Washington, Commerce Adviser Sheikh Bashir Uddin has presented the government's latest position paper on future energy trade plan just indicated to U.S. officials that it is prepared to boost LNG and energy imports in exchange for tariff concessions.

According to the paper, Excelerate will also suppliy LNG through the spot market, delivering 16 cargoes worth about $637 million to date. The company remains eligible to bid in future tenders, potentially supplying more than USD 200 million worth of spot cargoes each year.

In 2018, Excelerate set up the country's first Floating Storage and Regasification Unit (FSRU). Commercial operations began in August 2018 under agreements with Petrobangla and the Energy and Mineral Resources Division.

As of June 2025, Bangladesh has paid Excelerate about $577 million in regasification charges, with another $700 million expected through 2032 - around $100 million per year. 

A second FSRU was later added through Summit LNG Terminal, which Excelerate operates under a Quiet Enjoyment Agreement with the government and Summit. 

Bangladesh has already paid $486 million for its operations and is expected to spend another $840 million by 2032, averaging $50 million annually.

Since entering the LNG market in 2018, Bangladesh has spent more than $17.6 billion to import 31.6 million tonnes of LNG, according to state-run Rupantarita Prakritik Gas Company Ltd (RPGCL).

Imports have surged from 11 cargoes in 2018 to 86 in 2024. By mid-July 2025, Bangladesh had already received 56 cargoes, with the year-end total projected at over 108. Imports are expected to rise further to 124-126 cargoes in 2026 as domestic gas output declines.

Bangladesh is also seeking to import 200,000 tonnes of liquefied petroleum gas (LPG) from the U.S. at $ 600-700 per tonne, worth $120-140 million annually.