Jera inks Bangladesh LNG pact with Summit Power

Japan’s LNG trading giant and power firm, Jera, has signed a memorandum of understanding with a unit of Bangladesh’s Summit Power to collaborate on the development of LNG supply, storage, and regasification.

Jera agreed to buy 22 percent of Summit Power’s outstanding shares in October 2019, and the two firms also signed a memorandum of understanding in April last year to collaborate on the development of a decarbonization roadmap for Summit Power.

According to Jera, it signed the new deal with Summit Corporation on Thursday in Tokyo.

Moreover, Jera noted that in line with increasing gas demand and declining in domestic gas production, Bangladesh needs the development of stable LNG supply.

The memorandum indicates that Jera and Summit will collaborate in LNG storage and regasification, as well as the long-term supply of LNG to Bangladesh, it said.

Summit Power is the largest independent power producer in Bangladesh and operates under the umbrella of Bangladesh’s leading infrastructure conglomerate Summit Group.

The firm operates the FSRU-based LNG import terminal located offshore Moheshkhali Island in the Bay of Bengal with a daily regasification capacity of 500 million cubic feet.

Bangladesh currently imports LNG via Bangladesh’s first LNG import facility, Moheshkhali Floating LNG or MLNG, operated by Petrobangla, and via Summit Group’s FSRU-based terminal.

Both of these facilities feature Excelerate Energy’s FSRUs.

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