Summit, Mitsubishi sign MoU to build LNG terminal in Matarbari

14 Mar,2018


Dhaka, BdChronicle:

Summit Power International has signed a memorandum of understanding (MoU) with Japan's Mitsubishi and Diamond Gas International to develop a US$ 3 billion LNG-to-power project at Matarbari, Moheskhali, in the Bay of Bengal, which includes an 11 million mt/year terminal.

Under the MoU, the parties -- Summit Corporation Limited, a subsidiary of Summit Power International along with Summit Holdings Limited, and Mitsubishi Corporation (Mitsubishi) and its subsidiary Diamond Gas International Pte Ltd -- agreed to develop an integrated LNG on shore receiving terminal with a regasification capacity of up to 1,500 million cubic feet per day (mmcfd), two units of 1,200 megawatt (MW) gas turbine combined cycle power projects (total of 2,400 MW), relevant high voltage transmission lines and the import of LNG.

The signing of the MoU was witnessed by Prime Minister Sheikh Hasina and Singapore’s Minister for Trade and Industry (Trade) Lim Hng Kiang at Bangladesh-Singapore Business Forum 2018, said a press release issued by Summit Group on Tuesday.

Summit Power International Chairman Muhammed Aziz Khan said, “Summit has a long-established track record of working with world-renowned technical partners including General Electric, Wärtsilä and now Mitsubishi Corporation and Diamond Gas. This MOU will help SPI support Bangladesh’s fast-growing energy, power and technology needs. It will be a strategic fit for SPI to leverage Mitsubishi’s LNG, and LNG-to-Power expertise as well as understanding of Moheskhali and Bangladesh’s power needs.”

Incorporated in Singapore, Summit Power International is a leading developer, owner and operator of high-quality power projects in Bangladesh. Having co-sponsored Bangladesh’s first independent power plant in 1997, SPI is the largest independent power producer in the country, representing approximately 21% of the private power market in 2017.

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