Peter D Haas Takes on Strategic Role at Excelerate Energy

The interim government has opted not to proceed with an agreement with US-based Excelerate Energy for a new regasification plant for liquefied natural gas (LNG), following the cancellation of a similar deal with Summit Group for a third floating storage and regasification unit (FSRU).

Dhaka Electric Supply Company Ltd (Desco) reported a loss of Tk 505.7 crore for FY24, its second consecutive year in the red. The loss per share improved to Tk 12.7 from Tk 13.61 in FY23, thanks to higher distribution revenue and lower foreign exchange losses.

Excelerate Energy, a US-based company, plans to increase its investments in Bangladesh's energy sector and decarbonization efforts, said CEO Steven Kobos. In a meeting with Chief Adviser Professor Muhammad Yunus, Kobos reaffirmed Excelerate’s commitment to enhancing LNG supply, noting that its two offshore regasification units already provide 34% of the country’s daily gas needs.

Bangladesh's first permanent land-based LNG terminal project has stalled after the Rupantorito Prakritik Gas Company Ltd (RPGCL) canceled the short-listing of bidders due to an interim government directive to halt all energy project negotiations.

Karnaphuli Gas Distribution Company has withheld Tk3,000 crore from gas sales to Kafco over 13 years, defying orders to transfer the funds to its parent, Petrobangla. This accumulated amount comes from charging Kafco a higher gas rate than the state-owned fertiliser companies pay.

Following two fire incidents on oil tankers, the government is expediting the implementation of a Single Point Mooring (SPM) with a Double Pipeline to reduce reliance on oil tankers. The fires occurred on the Banglar Jyoti and Banglar Sourav tankers in late September and early October, prompting the Bangladesh Petroleum Corporation (BPC) to fast-track SPM operations, which will streamline crude oil transport to the Eastern Refinery Limited (ERL).