$3 Bln LNG-to-power Project Planned in Bay of Bengal

By Jessica Jaganathan
Tuesday, March 13, 2018
Bangladesh's Summit Power International said on Tuesday 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.
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 units of 1,200 megawatt (MW) gas turbine combined cycle power projects, 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, the chairman of Summit Power International.
"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."
Summit Power is the largest independent power producer in Bangladesh, representing about 21 percent of the country's private power market last year.
Summit Power is set to be the first Bangladeshi firm to list in the Singapore Exchange Ltd (SGX) by April, as it seeks to raise funds to invest in assets across Asia.
With up to 30 percent of the over 160 million people in Bangladesh lacking access to electricity, Summit hopes to invest in projects to meet that expected increase in demand, Khan told Reuters in February.
Bangladesh will require about 7 million tonnes of LNG by 2022 and similar volumes of coal by 2024, Khan had said.
Diamond Gas International is a wholly-owned LNG sales subsidiary that Mitsubishi Corp established in Singapore. (Reporting by Jessica Jaganathan; Editing by Subhranshu Sahu)
Categories: Energy LNG Ports

Related Stories

Brownfield Output Decline Accelerates, says IEA

Hanwha Ocean Enlists ABB for Singapore’s First Floating LNG Terminal

POSH Set to Tow Nguya FLNG from China to Eni’s Congo Field

Synergy Marine Group Completes Conversion of LNG Vessel to FSRU

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

CNOOC Finds Oil and Gas in South China Sea

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Fugro Lands Deepwater Gas Field Job in Southeast Asia

Current News

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com