rss icon Subscribe
desktop mobile

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

By Jessica Jaganathan

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)

Mar 13, 2018

 

Energy

East Libyan Forces Advance to Retake Oil Ports

© Essider Terminal / MarineTraffic.com

East Libyan forces said on Thursday they had retaken the shuttered oil ports of Es Sider and Ras

China to Cut US Oil Imports Amid Trade Spat

© Igor Groshev / Adobe Stock

Chinese oil buyers will keep taking crude from the United States through September

LNG Imports Climb at CNOOC's Zhejiang Terminal

© vladsv / Adobe Stock

CNOOC's Zhejiang terminal will receive 5 million tonnes of liquefied natural gas in 2018 up from 3.

LNG

LNG Imports Climb at CNOOC's Zhejiang Terminal

CNOOC's Zhejiang terminal will receive 5 million tonnes of liquefied natural gas in 2018 up from 3.58 million tonnes last year, CNOOC Gas and Power Co said on Thursday.

Daewoo Shipbuilding & Marine Engineering Delivers New High-tech LNG Carrier

Image: Daewoo Shipbuilding & Marine Engineering

South Korean shipbuilding giant Daewoo Shipbuilding & Marine Engineering (DSME) has delivered a

GasLog Partners Signs New Charter Agreement with Cheniere Energy

Photo: GasLog Partners

GasLog Partners announced that it has entered into a new multi-year time charter for the GasLog

Maritime Apps