July 25, 2019

YPF and Excelerate execute an agreement for the transport of a new shipment of LNG to be completed in September.

BUENOS AIRES, Argentina – YPF announced today that a preliminary agreement was reached with Excelerate Energy L.P. (Excelerate) for the charter of a liquefied natural gas (LNG) carrier, which will export LNG produced from the TANGO FLNG unit, located in Bahía Blanca, to the global natural gas market.

Both parties will be executing the final agreement in the coming days, with the objective of starting operations the first week of September.

“We continue progressing in our ambition to add value to Argentine natural gas and to export surpluses during those months of low local consumption, to fully extract the potential as producer and exporter of Argentine natural gas,” said Marcos Browne, Executive Vice President of Gas and Energy of YPF.

Gabriela Aguilar, General Manager of Excelerate in Argentina, added, “It is a milestone for us to partner with YPF in this activity by contributing all of our industry know-how in the transportation of Argentine natural gas to the world.”

The natural gas, produced mainly from Vaca Muerta, will be processed by the TANGO FLNG unit at the “Mega” port in Bahía Blanca, and from there, it will be transported by the LNG carrier EXCALIBUR, which has a storage capacity of 138,000 m3. The loading of YPF’s product to the LNG carrier will be carried out through an operation that will last approximately 45 days.

The ship provided by Excelerate has proven experience in the main international LNG terminals, and as part of this agreement, will be in the service to YPF until May 2020. It will be one of two ships that YPF will utilize to transport Argentine LNG to the global market.

YPF commissioned its first cargo in May, achieving a historic milestone, becoming the first Argentine company to export LNG in its history.


Industry leader – Steven Kobos, Excelerate Energy

May 1, 2019

Bangladesh’s Second LNG Terminal Commissioned

DHAKA, BANGLADESH – The floating storage and regasification unit (FSRU) Summit LNG has begun operations at Summit LNG Terminal located offshore Moheshkhali Island in the Bay of Bengal. The FSRU successfully completed commissioning of the liquified natural gas (LNG) terminal, owned by Summit LNG Terminal Co Ltd (Summit), on April 29, 2019. The terminal has a send-out capacity of 500 million standard cubic feet per day (MMscf/d) of natural gas.

In August 2017, Summit entered into a 15-year charter agreement with Excelerate for the FSRU Summit LNG. In addition to providing the FSRU, Excelerate acted as the Owner’s Engineer for Summit in regard to the fixed infrastructure components of the terminal, which included a subsea plug, mooring system, and subsea pipeline.

“The successful completion of the Summit LNG Terminal represents a significant positive change to Bangladesh’s energy supply – helping bolster local industry while benefitting the citizens of the country,” stated Excelerate’s Managing Director Steven Kobos. “We are pleased to have partnered with Summit on this very important project and are confident our experience and expertise in FSRUs will ensure an efficient and reliable service for Bangladesh for the years to come.”

Founder Chairman of Summit Group Muhammed Aziz Khan remarked, “Summit is most pleased to receive the opportunity to provide much-needed RLNG (regasified liquified natural gas) to Bangladesh’s national gas grid. Excelerate‘s in-depth understanding and leadership in the FSRU market has contributed immensely to the implementation of this project. With this additional 500 MMscf/d to current 3,200 MMscf/d, Bangladesh will be able to provide necessary primary energy to Bangladesh. 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.”

In August 2018, Excelerate commissioned its Moheshkhali Floating LNG (MLNG) terminal – Bangladesh’s first LNG import facility. Since beginning operations, MLNG has successfully imported 27 cargoes of LNG and delivered in excess of 70 million MMBtus of natural gas into the Bangladeshi market, which represents an increase in gas supply of over 10% during this period.

Moheshkhali Floating LNG is Bangladesh’s first LNG import terminal – providing much needed natural gas to help fuel the country’s growing economy.


This winter, Excelerate Energy’s Northeast Gateway terminal has been helping New England prepare for the winter months by supplying natural gas to the region to help meet the increased energy demands of the extreme cold.

February 15, 2019

GRAND BAHAMA, BAHAMAS  – On February 7, 2019, Excelerate Energy L.P. (Excelerate) and Equinor Energy AS (Equinor) completed the first ever ship-to-ship (STS) transfer of liquefied natural gas (LNG) in The Bahamas. Utilizing Excelerate’s floating storage regasification unit (FSRU) Exemplar and Equinor’s LNG carrier Arctic Voyager, a full LNG cargo was transferred using the double-banked LNG transfer system while moored at Equinor’s South Riding Point storage and transshipment terminal which is strategically located for storage and transshipment of crude, products and LNG.

“Excelerate conducted the industry’s first commercial STS transfer of LNG in 2007, and since then, STS transfers have been completed and proven safe in a wide range of environments, now including The Bahamas,” stated Excelerate’s Chief Commercial Officer Daniel Bustos. “This new STS location allows us to provide additional commercial flexibility to our customers and respond to prompt market needs in a safe and reliable manner.”

Excelerate recently completed its 1500th commercial STS transfer on February 3, 2019, at the Engro Elengy Terminal in Port Qasim, Pakistan. To date, Excelerate has successfully transferred over 170,900,000 cubic meters of LNG using its STS protocol – of the 1500 operations, over 1300 have been with third-party vessels.

February 8, 2019

LNG Imports Helping New England Meet Energy Demand During Extreme Cold Weather

BOSTON, MASSACHUSETTES – Excelerate Energy L.P.’s (Excelerate’s) Northeast Gateway Deepwater Terminal (Northeast Gateway), located offshore Boston, reached a peak send-out flow rate of over 800,000 MMBTU per day of natural gas on February 1, 2019, a first for the terminal. The operation was completed by two of Excelerate’s floating storage regasification units (FSRUs), Exemplar and Express discharging in parallel through Excelerate’s proprietary offshore buoys.

During the coldest days of the year, demand for natural gas from residential customers rises in New England.  Historically, during these times, as natural gas deliverability becomes constrained, power generators have been forced to burn dirtier fuels such as oil. This year, liquefied natural gas (LNG) imports from Excelerate’s Northeast Gateway facility have complimented the system by providing a stable, reliable supply of clean energy during this peak demand, allowing generators to continue burning natural gas.

The terminal is designed to respond to local market conditions in real-time and can ramp up service to ensure energy providers meet customer demand. At a flow rate of 800,000 MMBTU per day, this represents approximately the average gas demand of power generators during recent January – February periods.

“Excelerate’s Northeast Gateway has helped New England prepare for the winter months by supplying natural gas to meet the increased energy demand of the region,” stated Excelerate’s Managing Director Steven Kobos. “Deliveries of LNG directly into the Algonquin system helps to bring much-needed market stability and fuel security to the Northeast, an added benefit for consumers.”

Located 13 miles offshore Boston, Excelerate commissioned Northeast Gateway in 2008.  The terminal consists of a dual submerged turret-loading buoy system which allows for the connection of FSRUs that have been specifically designed to meet the challenging conditions of the North Atlantic. FSRUs act, in all aspects, similar to a land-based terminal and have the onboard capability to vaporize LNG and deliver natural gas directly into the existing subsea HubLine pipeline operated by Enbridge’s Algonquin Gas Transmission.

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September 10, 2018

Excelerate Energy and TGS Sign Agreement for Study of Liquefaction Project in Bahía Blanca, Province of Buenos Aires, Argentina Republic

BUENOS AIRES, ARGENTINA – Excelerate Energy L.P. (“Excelerate”) and Transportadora de Gas del Sur S.A. (“TGS”) today announced the execution of a Memorandum of Understanding (“MOU”) to jointly collaborate on the assessment of a liquefaction project (the “Project”) in the city of Bahía Blanca, Argentina. Argentina currently imports liquefied natural gas (LNG) through two floating import terminals, particularly during the country’s peak winter consumption. The successful development of Argentina’s shale gas reserves resulted in a potential excess of natural gas during the summer months. The project aims at studying the technical and commercial viability of liquefying and exporting natural gas during the summer season, allowing a more sustainable development of shale gas resources and reducing Argentina’s annual natural gas net import needs. The study is expected to be completed by the end of 2018, at which time Excelerate and TGS will share the results with government and industry officials and decide on further actions towards the implementation of the Project.

“Given the high seasonality of Argentina’s natural gas consumption, LNG has played a critical role in meeting the country’s energy demands,” stated Excelerate’s Chief Commercial Officer Daniel Bustos. “This Project will significantly enhance Argentina’s capacity to maximize the use of local resources by allowing a more predictable development of shale gas production while reducing the overall costs of importing LNG.”

TGS is carrying out an important midstream project aimed at the transportation and conditioning of the natural gas production derived from the Vaca Muerta Basin, located in the province of Neuquén, Argentina. This Project represents an essential contribution to the development of shale gas reserves, promoted by the National and Provincial Governments, as it will ensure the infrastructure required to inject incremental gas production to the main transportation systems.

“Carrying out LNG production through the Project will be key to promote the development of unconventional gas, since it will allow to expand the scale of the gas market, increasing export opportunities, after having met domestic market needs in Argentina,” stated TGS´ Chief Commercial Officer Néstor Martín.

Both Excelerate and TGS have been critical players in the growth of the Argentine energy industry. Currently, one hundred percent of LNG imported and regasified into the country is through Excelerate’s two floating storage and regasification units (FSRUs). Excelerate developed South America’s first LNG import terminal in 2008 in Bahía Blanca, following with the second terminal in 2011 in Escobar, Argentina. TGS is the leading natural gas transportation company in Argentina and owns and operates South America’s largest pipeline network. The Project underscores both party’s commitment to seeing Argentina’s energy sector become more sustainable for the long term.

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Moheshkhali Floating LNG Terminal Flowing Natural Gas into Bangladesh

August 22, 2018

DHAKA, BANGLADESH,  – On August 18, 2018, Excelerate Energy Bangladesh Limited (Excelerate) completed the commissioning of its Moheshkhali Floating LNG (MLNG) terminal – Bangladesh’s first liquefied natural gas (LNG) import facility – signifying the official commencement of operations for the project. This milestone was achieved approximately 25 months after the execution of project agreements, which took place in July 2016, with the state-owned Bangladesh Oil, Gas & Mineral Corporation (Petrobangla) and 13 months following the receipt of all permits required to achieve financial close in August 2017 with its lenders, led by the International Finance Corporation (IFC).

Located offshore Moheshkhali Island in the Bay of Bengal, the terminal has begun delivering natural gas to the Chittagong region of Bangladesh, marking the first time the country has received natural gas from the global market. The new terminal enables Petrobangla to procure LNG from international natural gas markets and is expected to increase natural supply to the country by twenty percent.

“This innovative project would not be possible without the tremendous support and collaboration of Petrobangla and the Government of Bangladesh,” stated Excelerate’s Managing Director, Mr. Steven Kobos. “I am proud of our team for successfully completing this critical piece of infrastructure under some of the most challenging offshore conditions. I believe that MLNG will support the future growth of Bangladesh’s economy, and we are committed to providing safe and reliable operations for many years to come.”

“This is a thrilling achievement for Bangladesh, and IFC congratulates the Government of Bangladesh, Petrobangla, and Excelerate Energy who have been tremendous partners to work with. IFC is committed to the Bangladesh power and gas sector, and IFC’s support to the project has been multifaceted as an early shareholder, and the lead debt arranger. Moheshkhali LNG is a transformational project that will create a new market for energy supplies into the country, help diversify fuel sources and secure the much-needed additional natural gas to address power shortages in the country,” stated IFC Regional Head of Infrastructure, Asia, Mr. Hyun-Chan Cho.

Excelerate first began developing the MLNG terminal with the Government of Bangladesh in 2012 which, at the time, was seeking reliable gas import infrastructure solutions that could withstand the demanding operational conditions of the Bay of Bengal. As the global leader in floating LNG and having the proven track record of implementing complex projects in similar environments, Excelerate was identified as the most qualified partner for Petrobangla to realize its objective of bringing LNG into the country to address the growing energy deficit. In 2005, Excelerate created the floating LNG industry under similar conditions with the first offshore LNG terminal, the Gulf Gateway Deepwater Port, located 215 kilometers off the US coast in the Gulf of Mexico. This facility met some of the most rigorous regulatory standards in the world and operated in adverse weather conditions. Excelerate currently operates four buoy-based terminals worldwide that have delivered all global LNG that has been regasified and delivered through buoys over the past ten years.

“Excelerate has always been at the forefront of developing creative offshore LNG solutions in a safe, sustainable manner for our customers,” stated Mr. Kobos. “This same culture of technical, operational, and commercial innovation was employed throughout the development of MLNG in Bangladesh, where the demanding sea states and monsoon weather patterns in the Bay of Bengal can present unique challenges. This project has demonstrated the resilience of our technical and operational teams in responding to diverse circumstances. We are a stronger company for having executed this critical infrastructure project for Bangladesh.”

Through the implementation of a variety of technical studies and the design of the MLNG terminal, Excelerate was able to achieve commercial operations for MLNG within 13 months of financial close – three months ahead of the 16 months allowed under its agreements with Petrobangla – and was able to complete its construction activities in the middle of the Southwestern Monsoon.

About MLNG

MLNG is the world’s first fully integrated turnkey floating LNG terminal whereby all services – development, design, construction, installation, finance, and operation – are provided under a single contract by a single provider, Excelerate. This structure allows for a single point of interface and responsibility to Petrobangla and offers seamless operations for the Bangladeshi market. Excelerate will own and operate the terminal for 15 years, after which the company will transfer ownership to Petrobangla.

The terminal includes the provision of Excelerate’s floating storage and regasification unit (FSRU), the Excellence. The FSRU has 138,000 m3 of LNG storage capacity and a base regasification capacity of 500 million standard cubic feet per day. LNG supplies will be delivered to the Excellence through periodic transfers from traditional LNG carriers in accordance with Excelerate’s ship-to-ship (STS) LNG transfer protocol.

Procurement and site preparation for the project began in September 2017, followed by the deployment and installation of the subsea plug and mooring system anchored offshore, the installation of a 7.5-kilometer subsea pipeline to connect the terminal to the existing onshore pipeline, and the construction of port services vessels built explicitly for the unique conditions of the Bay of Bengal.

The LNG cargo used to commission MLNG was supplied by Qatargas Operating Company Limited (Qatargas).

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August 4, 2017

Summit Power International to Invest USD $1 Billion in Collaboration with GE and Excelerate Energy in Power Generation and LNG Supply

SINGAPORE – Summit Power International Pte. Ltd. (“Summit” or the “Group”), the Singapore incorporated power producer, today announced collaborations to develop USD$1 Billion of gas-to-power generation and an offshore liquefied natural gas (“LNG”) import terminal. IFC, a member of the World Bank Group, has been engaged as the lead arranger for financing to develop the Meghnaghat II natural gas based combined cycle power plant. Upon completion, Summit will have a total installed generating capacity of over 3,000MW. The expansion in its core market coincides with Summit’s strategy to expand across emerging markets in the South-East Asia.  To enable clean, sustainable power, Summit will be chartering a floating storage and regasification unit (“FSRU”) from Excelerate Energy for LNG storage and regasification services.

GE, through GE Capital’s Energy Financial Services, and Summit have entered into a Memorandum of Understanding (MOU) for GE to potentially provide USD$50 Million of equity to Summit, to be used for the development of power projects in Bangladesh. In addition, GE Gas Power Systems will have rights to supply equipment for the power projects based on gas turbine technology and developed in the next 36 months by Summit.

To make gas available for these projects, Summit LNG Terminal Company (“SLTC”) will sign the FSRU Time Charter Party agreement for 15 years with Excelerate Energy L.P. (“Excelerate”), the floating LNG specialist. The agreement is for the provision of one of Excelerate’s existing FSRUs.

The arrangements will be formalised at a signing ceremony to be held later today at The Fullerton Hotel, Singapore in the presence of Mr. Kazi M. Aminul Islam, Executive Chairman of the Bangladesh Investment Development Authority, Mr. Abul Kalam Azad, Chief Coordinator, Sustainable Development Goals of the Government of Bangladesh, Mr. Fazle Kabir, Governor of Bangladesh Bank, Mrs Lim Hwee Hwa, former Minister, Prime Minister’s Office Singapore, Mr. Satvinder Singh, Assistant CEO of International Enterprise (IE) Singapore, and Mr. Muhammed Aziz Khan, Chairman of Summit Group.

The MoU with Summit and GE will be signed by Mr. Faisal Khan, Additional Managing Director of Summit Corporation and Mr. Banmali Agrawala, President & CEO, GE South Asia.

Mr. Tariqur Rashid, Managing Director of SLTC and Mr. Karlman Tham, General Manager of Asia of Excelerate, will sign on behalf of Summit and Excelerate respectively.

Mr. Aziz Khan, Chairman of Summit Power International said: “We are delighted to announce these significant projects valued at over US$1 billion over the next three years. The addition of these power projects is in line with our objective to grow our sustainable power capacity to empower nations and transform lives. This development is a testament to our deep long-standing relationship with GE and IFC which began some 20 years ago. The Summit brand has grown from strength to strength over the past decade and today, our name is synonymous with “infrastructure for development”. We are excited to begin working with Excelerate for the first time. As the partner of choice for global players in the region, we endeavor to become the leading provider of energy solutions in Asia and deliver sustainable long-term value to all our stakeholders.”

Mr. Banmali Agrawala, President & CEO, GE South Asia said, “The MoU is a step towards furthering GE’s strategic partnership with the Summit Group in the region. We will continue to evaluate collaborations that provide comprehensive energy solutions to Bangladesh, including in the form of technology, services, and financing.”

IFC Head of New Business Infrastructure and Natural Resources, Asia Pacific, Mr. Lubomir Varbanov added, “We value our engagement with Summit, and have been actively supporting the group’s mission to bring sustainable long-term power solutions to Bangladesh. Our strategic relationship with Summit goes all the way back to 1997 when IFC financed Khulna, followed by Bibiyana in 2015, and more recently, in 2016, through financing from IFC’s own account and mobilizing from IFC’s Emerging Asia Fund and EMA Power. IFC remains committed to paving the way for the country to achieve energy security, and we look forward to supporting Summit to help meet this objective in the region.”

Mr. Karlman Tham, General Manager of Excelerate, said: “We are pleased to be partnering with Summit on this very important project. We are confident our experience and expertise in FSRUs will ensure an efficient and reliable project for Bangladesh for the years to come.”

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