Floating specialist Excelerate Energy LP has reached a deal to import liquefied natural gas (LNG) to Brazil as the nation continues to deal with rising power demand amid a historic drought that has left hydroelectric reservoirs depleted.

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Under an initial deal struck with state-owned Petróleo Brasileiro SA, aka Petrobras, Houston-based Excelerate would deploy one of its existing floating storage and regasification units to the Bahia terminal. The unit would import LNG and regasify it for sale to Brazilian customers. The deal is still undergoing financial, legal and regulatory processes, Excelerate said.

“Petrobras’ decision to advance in the tender for leasing the Bahia regasification terminal to Excelerate is an important milestone in the process of promoting competition in...