The caretaker government’s proposed reforms to improve transparency, accountability and institutional efficiency in public administration, financial sector and public procurement are expected to boost business confidence and attract foreign direct investment to Bangladesh, Steven said Kobos, President and CEO of Excelerate. Energy.

“I feel a renewed opportunity here, I can feel a sense of hope in the country right now,” he said in an interview with the Business Standard during his visit to Dhaka last month.

The CEO of Excelerate Energy, a NYSE-listed company and global leader in the liquefied natural gas (LNG) industry, said he would discuss Bangladesh with colleagues from other U.S. companies seeking opportunities. investment opportunities around the world.

“We are in difficult circumstances right now. But if the reforms are implemented, I am confident that it will be a good environment for American companies to deploy capital,” said Kobos, who also chairs the board of directors of the US-Bangladesh Business Council. of the United States Chamber of Commerce.

Excelerate Energy has deployed two of its floating storage and regasification units (FSRU) in Bangladesh, generating 1.1 billion cubic feet of gas per day, or 34% of current national consumption.

If the government wants it, Excelerate speculates, the volume could reach 2.1 billion natural cubic feet per day within the next five years, which means an additional 10 million tons of LNG per year.

During the debate on LNG dependence, Kobos said Bangladesh should maximize the use of its own resources. However, LNG could play a vital role in supporting energy security until further gas extraction, as offshore drilling takes time.

LNG has played a major role in the energy landscape during disruptions and shortages, and the war in Ukraine has made this clear in 2022.

“I am excited about our work to ensure the energy security of client countries,” he said while explaining the flexibility of the transportable fuel option which emerges as more crucial for economies.

LNG infrastructure can be redeployed to other markets as soon as a country says goodbye to LNG, Kobos said, adding that there are around 50 FSRUs worldwide and with 20% share, Excelerate leads the global market.

“I feel a new opportunity here, I can feel a sense of hope in the country right now.”

Steven Kobos, President and CEO, Excelerate Energy

For example, he said, Argentina still needs one of the two Excelerate FSRUs deployed after its big gas discovery in its south and the other has already been redeployed to Finland.

Not only scarcity, but LNG is also an important part of the nations’ energy redundancy plan, according to Steven Kobos.

Abu Dhabi is an example, he said, adding: “They don’t use ours. But our assets remain there in case their nuclear or solar supply stops. »

Brazil, which was 70% dependent on hydropower produced by its dams, still relied on Excelerate’s FSRUs and in 2021, when dams were failing due to drought, that dependence paid off, said Kobos.

“The beauty of LNG is that it offers quick solutions to energy problems, they can be mothballed as part of a redundancy plan for energy security and, in the event of no demand, the assets can be redeployed elsewhere and the flexibility is unique,” ​​Kobos said.

A single FSRU in Karachi transported 5.25 million tonnes of LNG to Pakistan last year, he said, adding that one FSRU alone can handle 1.25-1.5 per cent of the current world production.

Regarding his outlook on the global energy market, Steven Kobos said that markets are not entirely predictable as many uncertainties still remain and the best countries prepare for any situation.

“Who would have predicted the situation in 2022, when Europe, for its energy security, would seize every molecule of gas at all costs and the price would suddenly have climbed four to five times?” he said.

However, the global LNG market has moved closer to its long-term average and Kobos believes this is a good time to enter into long- and short-term LNG contracts.

LNG is cheap if a country has the right infrastructure and enters into supply agreements for long enough periods, he said.

From office executives to technical men and women working in FSRUs and service boats, Excelerate has created over a hundred well-paying jobs here without any legal requirement to hire locals, as they are “ incredibly talented and hardworking,” according to Kobos. .

“We are proud to be a reliable energy partner playing a vital role in Bangladesh’s economy, as energy enables all hard-working Bangladeshis to produce and export things to earn foreign exchange,” he said. he declared.

On Bangladesh’s investment potential, he said: “We respect the vision of the caretaker government as we believe it will lead to an improved and secure business climate, compliance with contracts alongside the ability to move capital, attracting thus more investments.”

“It takes a long time to build a reputation, and it’s easy to damage reputation, whether it’s a company, a person or an economy. Bangladesh just needs to continue its slow and steady efforts to perform well because businessmen like predictability and it is not set in stone. in a few days,” he said.

“We are ready to invest here for as long as Bangladesh needs us,” Kobos added.