In July 2016, the Government of Bangladesh, Petrobangla, and Excelerate Energy executed the terminal use agreement and implementation agreement to construct Bangladesh's first LNG regas terminal off Moheshkhali Island. The terminal is approved under the Speedy Supply of Power and Energy (Special Provision) Act, which allowed Petrobangla to engage in direct negotiations with Excelerate Energy.Excelerate Energy will develop and operate the terminal for 15 years, following which the ownership will be transferred to Petrobangla.
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