International Finance Corporation (IFC) and Excelerate Energy Bangladesh (Excelerate) are co-developing Bangladesh’s first liquefied natural gas (LNG) import terminal to increase natural gas in the country by up to 20%.
IFC and Excelerate secured funding for the USD$179.5m Moheshkhali Floating LNG project, which will be located off Moheshkhali island in the Bay of Bengal and is expected to enable Petrobangla, the state-owned energy company, to increase natural gas supplies sufficient to support up to 3,000MW of power generation capacity.
Excelerate’s chief financial officer, Nick Bedford, said: “Excelerate takes great pride in helping bring sustainable energy solutions to countries with high energy demand, and we expect this project to have a great impact on the wider Bangladeshi economy.”
The construction of the terminal will commence in the fourth quarter of 2017 and is expected to be in service by mid-2018. It will be serviced entirely by Excelerate in a turnkey deal.
The terminal will include the provision of one of Excelerate’s existing floating storage and regasification units (FSRU), the installation of a subsea buoy system anchored offshore, and the employment of port service vessels during operation. The FSRU will have 138,000 cubic meters of LNG storage capacity.
Hyun-Chan Cho, IFC regional industry head, infrastructure and natural resources, Asia Pacific, commented: “Addressing the issue of depleting gas supplies is critical for the country. We hope this first LNG import facility in Bangladesh will pave the way to expand support to the power sector and industry, promote growth and mitigate climate change impacts.”
Source : Greenport