Jera to develop LNG biz with Bangladesh's Summit Power
Japan’s Jera has concluded a memorandum of understanding (MoU) with Summit Corporation to collaborate in LNG storage and regasification, and the long-term supply of LNG to Bangladesh., it said on April 27.
The MoU was signed by Toshiro Kudama, Jera Asia CEO, and Ayesha Aziz Khan, director of Summit Corporation and CEO of Summit Power, the parent company of Summit Corporation, in the presence of the prime minister of Bangladesh Sheikh Hasina.
Summit Power is a power generation company and owns a floating storage and regasification unit (FSRU) with a daily regasification capacity of 500mn ft3 located in offshore Moheshkhali, Bangladesh.
“Since agreeing to acquire 22% of Summit Power's outstanding shares in October 2019, Jera has been striving to enhance Summit Power's corporate value through the efficient construction and operation of power generation facilities as well as the decarbonisation related opportunities,” the company said.
In April 2022, Jera signed an MoU with Summit Power to collaborate on the development of a decarbonisation roadmap.
“There is an acceleration of the energy transition to a carbon-neutral future. LNG will play an even more important role as a source of transition energy in Asia especially in Bangladesh. Jera would like to deepen our cooperative relationship with Summit Power with this MoU and to contribute to the reliable energy supply and the strengthening of the LNG value chain in Bangladesh through our involvement in the LNG supply, storage and regasification,” it said.