Summit and JERA explore investment in Bangladesh’s Energy Supply Chain valued at USD 2 Billion

Photo caption: In the presence of the Honourable Prime Minister of Bangladesh Sheikh Hasina along with her entourage and Japanese senior government officials, Summit and JERA inked an MOU valued at USD 2 billion to explore investment in Bangladesh’s energy supply chain in Tokyo, Japan.

Summit Corporation Limited (“Summit”), a subsidiary company of Summit Power International Limited and JERA Asia Pte Ltd (“JERA Asia'') a subsidiary company of JERA Co. Inc. (“JERA”)have signed a Memorandum of Understanding (“MOU”) in the presence of the Honourable Prime Minister of Bangladesh Sheikh Hasina with her entourage - Salman F Rahman, Hon Private Industry and Investment Adviser to the HPM, Abul Kalam Abdul Momen, Hon Minister for Foreign Affairs, Zunaid Ahmed Palak, Hon State Minister of ICT Division, Prof Shibli Rubayat Ul Islam, Chairman, BSEC and Lokman Hossain Miah, Executive Chairman of BIDA, senior Japanese officials - HE Iwama Kiminori, Japanese Ambassador to Bangladesh and Norihiko Ishiguro, Chairman of JETRO as well as Muhammed Aziz Khan, Founder Chairman of Summit Group and Faisal Khan, Additional Managing Director of Summit Corporation.

The MOU was signed by Toshiro Kudama, CEO of JERA Asia, and Ayesha Aziz Khan, Director of Summit Corporation and MD & CEO of Summit Power International. Valued around USD 2 billion, the objective of the MOU is to collaborate in providing cost effective and reliable long-term Liquefied Natural Gas (“LNG”) and other fuels supply in addition to developing both on-shore and off-shore regasification and storage infrastructure for Bangladesh.

Toshiro Kudama, CEO of JERA Asia stated, “JERA is keen to assist Bangladesh's objective to secure a reliable energy supply and is pleased to be able to do that by building up the existing relationship with Summit. The signing of the MOU is a significant first step towards achieving the objective. JERA looks forward to further contributing to Bangladesh's reliable energy supply in collaboration with Summit.”

Muhammed Aziz Khan, Founder Chairman of Summit Group said, “A country's energy consumption has become the main index to its affluence and development. Like the rest of the world, Bangladesh is also facing energy security concerns as a result of high interest rates, supply-chain shock and market volatility. At Summit, we are offering solutions through the development of much needed LNG storage and supply infrastructure with our partner, JERA.”

As Bangladesh approaches the transition to ‘developing country’ status in 2026, it faces global energy supply challenges. Summit and JERA’s collaboration offers Bangladesh an alternative affordable energy supply solution by bringing down the cost of importing essential fuels into Bangladesh. It also dovetails with the International Monetary Fund’s (IMF) intent to reduce Bangladesh’s balance of payment pressure due to import-intensive climate investments as the recipient of the Resilience and Sustainability Facility (RSF).

MEDIA COVERAGE

English Newspaper
The Daily Star, April 27, 2023
The Business Standard, April 27, 2023
The Business Standard, April 27, 2023
The Financial Express, April 27, 2023
The Daily Sun, April 28, 2023
The New Age, April 27, 2023
The Daily Observer, April 28, 2023
The Business Post, April 27, 2023
Orthoshongbad, April 27, 2023
The Business Insider Bangladesh, April 27, 2023
The Daily Messenger Post, April 27, 2023
Energy & Power, April 27, 2023
The Bangi News, April 27, 2023

Bangla Newspaper
Prothom Alo, April 27, 2023
Jugantor, April 29, 2023
Daily Ittefaq, May 02, 2023
Bonik Barta, April 28, 2023
Desh Rupantor, April 28, 2023
The Daily Naya Diganta, April 28, 2023
Bhorer Kagoj, April 28, 2023
Manobzamin, April 28, 2023
Orthoshongbad, April 27, 2023
Newsbangla24, April 28, 2023

Social Media
BIDA, Facebook
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Aziz Khan, Official Facebook
Ayesha Aziz Khan, Official Facebook
SPI, Facebook
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Media

27 April 2023

Summit and JERA explore investment in Bangladesh’s Energy Supply Chain valued at USD 2 Billion

MEDIA COVERAGE

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