American company Excelerate Energy's LNG-marketing wing is expected to supply one LNG cargo next week after a seven-month hiatus that coincided with a prolonged fuel shortage in Bangladesh. Excelerate Gas Marketing Limited Partnership had last supplied contracted liquefied natural gas to Bangladesh in late February, shortly before the latest Middle East conflict escalated.

The company stopped LNG delivery in the first week of March after declaring "force majeure" due to the outbreak of the Middle East crisis and navigation disruptions in the Strait of Hormuz, according to a senior Petrobangla official on October 21.

Halved commitments, no deliveries

In July 2026, Excelerate informed Petrobangla about halving its LNG-cargo deliveries in response to a query on how long it would continue enforcing force majeure over LNG supply to Bangladesh under its long-term sales and purchase agreement (SPA), the official said.

After the supply-halving decision, Excelerate Gas Marketing was supposed to deliver five LNG cargoes between July and December 2026. "Not a single delivery was done in the intervening period, however," one official said.

Next week's LNG-cargo delivery might be part of the July commitment from Excelerate Gas Marketing Limited Partnership, the official added. The price of the cargo would be linked to the international Brent crude price as stipulated in the long-term SPA.

Contract terms under the SPA

Under the long-term SPA, Excelerate Gas Marketing was supposed to supply some 12 LNG cargoes in the whole year, with the volume being 3.36 million MMBtu each. Before the start of the Middle East war on February 28, Excelerate had supplied two cargoes and was supposed to supply 10 more by December 2026 under its latest pledge.

Excelerate Gas Marketing had started supplying LNG to Bangladesh in January 2026 under the long-term SPA deal. Under the SPA, Petrobangla agreed to purchase 0.85 to 1.0 million metric tonnes per annum (MTPA) of LNG from Excelerate for a term of 15 years beginning January 2026. Excelerate is supposed to deliver 0.85 MTPA of LNG in 2026 and 2027 and 1 MTPA from 2028 to 2040.

Petrobangla is to purchase LNG from Excelerate Energy at a price linked to 13.35 percent of the three-month average Brent crude-oil price, plus a fixed premium of USD 0.30 per MMBtu, under the deal.

Excelerate's role in Bangladesh's LNG market

Excelerate first opened the Bangladesh market to LNG in 2018 with the development of its integrated Moheshkhali LNG floating storage and regasification unit, or FSRU, terminal. In the years since, the US-based multinational has deployed a second FSRU terminal in the Bay of Bengal and has utilised its infrastructure position to win spot LNG-cargo sales into Bangladesh.

Bangladesh currently imports LNG under both long- and short-term SPAs with multiple suppliers and sources, in addition to supplies from the spot market, to meet its growing natural gas demand.

Bangladesh's gas shortage deepens

Since LNG import began in 2018, Bangladesh has imported around 39.636 million metric tonnes of LNG through 639 cargoes as of September 2026, according to official data from the state-owned Rupantarita Prakritik Gas Company Ltd. (RPGCL).

Bangladesh's overall natural gas supply stood at about 2.543 billion cubic feet per day on October 20, including 954 million cubic feet per day of regasified LNG, according to official data of Petrobangla. Bangladesh continues to grapple with a natural gas shortage, with national demand remaining at about 4.0 billion cubic feet per day since 2024.

Petrobangla has been rationing gas supplies to industries, power plants, and other consumers to manage the shortfall.

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