Summit teams up with Japanese firms for $3b LNG-to-power project

Summit Power International said yesterday it signed a memorandum of understanding with Japan’s Mitsubishi Corp and subsidiary Diamond Gas International to develop a $3 billion LNG-to-power project in Bangladesh.

Under the MoU, subsidiary Summit Corp, group company Summit Holdings and the Japanese firms agreed to develop an integrated liquefied natural gas (LNG) onshore receiving terminal with regasification capacity of up to 1,500 million cubic feet per day (mmcfd) at Matarbari, Moheskhali, in the Bay of Bengal. They also agreed to develop two 1,200 megawatt (MW) gas turbine combined cycle power generators, relevant high voltage transmission lines and the import of LNG.

“This MoU will help Summit Power International support Bangladesh’s fast-growing energy, power and technology needs,” said Muhammed Aziz Khan, chairman of Summit Power International, which is incorporated in Singapore. “The two groups are well-positioned to uniquely benefit from opportunities arising from the Bangladesh government’s move to raise LNG imports to meet the country’s domestic natural gas shortfall and expand the country’s power generation capacity.”……………….