Summit, Mitsubishi Ink Bangladesh LNG/Power MoU
Bangladeshi Summit Power International (SPI) - through its subsidiaries Summit Corporation and Summit Holdings -- have signed a memorandum of understanding with Japan's Mitsubishi Corporation and its subsidiary Diamond Gas International to develop a $3bn gas-to-power project in Bangladesh, SPI said March 13.
The signing of the MOU was witnessed by the prime minister Sheikh Hasina of Bangladesh and Singapore’s minister for trade and industry Lim Hng Kiang at the Bangladesh-Singapore Business Forum 2018.
Under the MoU, the parties agreed to develop an integrated LNG receiving terminal with a regasification capacity of up to 1.5bn ft³/d (11.25mn mt/yr), two 1.2 GW combined-cycle gas turbine power projects, and relevant high voltage transmission lines at Moheskhali in Bangladesh.
“Summit has a long-established track record of working with world-renowned technical partners including General Electric, [Finland's] Wartsila and now Mitsubishi Corporation and Diamond Gas. This MOU will help SPI support Bangladesh’s fast-growing energy, power and technology needs,” Muhammed Aziz Khan, chairman of SPI said.
He said 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.
Summit and Mitsubishi signatories to their March 13 agreement in Singapore (Photo credit: Summit Power International)