Summit, Mitsubishi ink MoU for Bangladesh’s $3 bln LNG-to-power project

Summit, Mitsubishi ink MoU for Bangladesh's $3 bln LNG-to-power project

Summit Corporation signed a memorandum of understanding with Japan’s Mitsubishi Corporation to develop a $3 billion LNG-to-power project at Matarbari, Moheskhali area in Bangladesh.

Under the MoU, the parties agreed to develop an integrated liquefied natural gas (LNG) onshore receiving terminal with a regasification capacity of up to 1,500 million cubic feet per day.

The project will also include two gas turbine combined cycle power projects totaling 2,400 MWh production capacity, relevant high voltage transmission lines and the import of LNG.

Muhammed Aziz Khan, chairman of Summit Power International, Summit Corporation’s parent company and the largest independent power producer in Bangladesh, said, “This MOU will help SPI support Bangladesh’s fast-growing energy, power and technology needs.”

He added that the two groups are well-positioned to 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.

The country has turned to importing LNG in order to keep the existing gas-dependent infrastructure to remain viable.

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