Excelerate Energy to invest more in Bangladesh’s energy sector

US-based Excelerate Energy plans to invest more in the energy sector and decarbonisation in Bangladesh, its CEO and President Steven Kobos said today.

The company wants to scale up and ensure smooth supply of liquefied natural gas (LNG) to the country, he said.

He made the comments when he along with a delegation of Excelerate Energy called on Chief Adviser Professor Muhammad Yunus at the state guest house Jamuna in Dhaka.

Excelerate currently has investment in two offshore floating storage and regasification units in Bangladesh, which supply 1.1 billion cubic feet of gas, accounting for some 34 percent of the country's daily gas supply.

In the meeting, Kobos, also the chairman of the US-Bangladesh Business Council, hailed the Yunus for assuming the leadership of the interim government, saying it will increase business confidence in Bangladesh.

"There has been a lot of interest in Bangladesh from American companies since you took over," Kobos said, adding that some of the top US companies, including members of the US-Bangladesh Business Council, were excited about business prospects in the South Asian country.

The chief adviser welcomed more US investment in Bangladesh, saying his government has taken steps to attract foreign direct investment and improve the business climate in the country.

"You have come at the right time here," Professor Yunus told Kobos and his business delegation.

During his recent visit to the US, the chief adviser spoke at an event of the US-Bangladesh Business Council, inviting all its 50 members, including some of the top American multinational firms, to invest in Bangladesh.

In the meeting, Kobos was accompanied by high officials of Excelerate Energy, including Peter Haas, a former US ambassador to Bangladesh who recently joined Excelerate Energy as its strategic advisor; Derek Wong and Ramon Wangdi, vice presidents of the company, and Habib Bhuiyan, the country manager.

Lamiya Morshed, senior secretary and the head of SDG affairs of the chief adviser's office; Ashik Chowdhury, chairman of Bangladesh Investment Development Authority, and Saiful Islam, energy secretary, were also present at the meeting.