Summit Oil and Shipping, a part of Bangladesh’s conglomerate Summit Group, has secured approval from the government for its second FSRU-based LNG import terminal in Bangladesh.
According to several reports in Bangladesh, the country’s cabinet committee on economic affairs approved the proposal from the energy and power ministry.
The project is expected to go online by 2026.
Summit Oil and Shipping or Soscl said in a statement last week it was awaiting approval from the government of Bangladesh for its second FSRU-based project and the third such facility in Bangladesh.
Bangladesh currently imports LNG via its first LNG import facility, Moheshkhali Floating LNG or MLNG, operated by Petrobangla, and via Summit’s FSRU-based LNG import terminal located offshore Moheshkhali Island in the Bay of Bengal with a daily regasification capacity of 500 million cubic feet.
Both of these facilities feature Excelerate Energy’s FSRUs, which is also working on the Payra project.
According to Soscl, the firm expects to invest about $500 million in the project which will feature an FSRU with a capacity of about 170,000 cbm of LNG, along with port services and management of the vessel in the deep sea.
The terminal will be located about 5 kilometers off Moheshkhali island and the firm plans to lay a 5 km subsea pipeline to connect the facility with the grid.
Socl says the FSRU will supply at least 600 mmcfd of gas, capable of increasing to 800 mmcfd.
Looking at the launch date, Summit would likely have to use a converted FSRU for the project to meet the deadline.
Most of the available FSRUs were chartered or bought by European firms and governments last year to meet demand for LNG and replace pipeline gas supplies.
Last year, Exclerate Energy also ordered one 170,000-cbm FSRU at South Korea’s Hyundai Heavy Industries with delivery scheduled in June 2026.
The US firm will pay about $332 million for the construction of this unit.