Summit Signs $100mn Contract for Bangladesh LNG Terminal Project
Summit LNG Terminal, a subsidiary of Summit Power International, has signed a $100mn turnkey contract with a consortium of Geocean and MacGregor for its floating LNG terminal project at Moheskhali, Cox’s Bazar, Bangladesh, it said November 21.
The contract is for design, engineering, procurement, fabrication, installation and testing of the fixed infrastructure for its floating terminal. The fixed infrastructure will consist, among others, of disconnectable turret mooring (DTM) plug for FSRU vessel system with anchors (suction piles), flexible riser with floatation and tether system, control and hydraulic umbilical, pipeline end manifold, stern mooring system of FSRU vessel offshore pipelines and landfall works, Summit said.
In August this year, Summit Power International said it plans to invest $1bn in a collaboration with turbine-maker giant GE and floating LNG terminals provider Excelerate Energy, both of the US, to develop gas-to-power generation and an offshore LNG import terminal in Bangladesh.
IFC, a member of the World Bank Group, has been engaged as the lead arranger for financing to develop the Meghnaghat II natural gas-based combined cycle power plant. Upon completion, Summit will have a total installed generating capacity of over 3 GW. And, Summit will be chartering a floating storage and regasification unit (FSRU) from Excelerate Energy for LNG storage and regasification services.