13 March 2018Back
Summit signs MOU With Mitsubishi Corporation for up to US$3 Billion Integrated LNG Terminal and Power Project in Bangladesh
Summit Corporation, a subsidiary of Summit Power International along with Summit Holdings Limited, Mitsubishi Corporation and its subsidiary Diamond Gas signs MoU for a 2400MW land-based LNG Terminal at Matarbari in Bangladesh. From left (Summit Holdings’ Director Latif Khan, SPI’s Chairman Muhammed Aziz Khan, Mitsubishi Corporation’s Senior Vice President Tetsuji Nakagawa and Diamond Gas International’s Chief Executive Ryosuke Tsugaru.)
Summit Power International Limited (“SPI” or the “Group”), the largest independent power producer in Bangladesh, today announced that Summit Corporation Limited, a subsidiary of Summit Power International along with Summit Holdings Limited, Mitsubishi Corporation (“Mitsubishi”) and its subsidiary Diamond Gas International Pte. Ltd. have signed a Memorandum of Understanding (“MOU”) to develop a LNG-to-Power project at Matarbari, Moheskhali area in Bangladesh, which is expected to cost up to US$3 billion.
The signing of the MOU was witnessed by the Honorable Prime Minister Sheikh Hasina of Bangladesh and Singapore’s Minister for Trade and Industry (Trade) Mr Lim Hng Kiang at the Bangladesh-Singapore Business Forum 2018.
Under the MOU, the parties agreed to develop an integrated liquefied natural gas (“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.
Mr. Muhammed Aziz Khan, Chairman of SPI 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. 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.”
About Summit Power International
Incorporated in Singapore, Summit Power International (“SPI”) 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.
At SPI, our business is underpinned by our values of improving the quality of lives by providing the most needed infrastructure. As the recipient of the Best Power Generation Project Award in Bangladesh for four consecutive years (2013 to 2016), we have extensive experience and a proven track record in successfully developing, constructing and operating power assets. For more information, please visit https://summitpowerinternational.com/.
The Straits Times, March 13, 2018
The Business Times, March 13, 2018
Nasdaq, March 13, 2018
Reuters, March 13, 2018
The Financial Express, March 13, 2018
Reuters March 13, 2018
World News, March 13, 2018
Your Oil and Gas News, March 13, 2018
The Daily Star, March 14, 2018
The Daily Observer, March 14, 2018
United News Bangladesh (UNB), March 13, 2018
Daily Sun, March 14, 2018
Energy Bangla, March 13, 2018
Energy & Power, March 14, 2018