Summit Group is about to set up a floating Liquefied Natural gas (LNG) terminal at the offshore island of Maheshkhali in Cox’sbazaar. Summit will implement the project jointly with US-based GE as equity investment partner, and plans to implement the LNG terminal project with its own funds.
Summit Group has signed an initial contract with Petrobangla to set up a Liquefied Natural Gas (LNG) terminal on Moheshkhali Island in Cox’s Bazar at a cost of about $500 million. Energy and Mineral Resources Division Secretary Nazimuddin Chowdhury, Petrobangla Chairman Abul Mansur Md.Faizullah, on behalf of Summit Group, Chairman Muhammed Aziz Khan, Vice-Chairman Md.Latif Khan, Vice-Chairman Md.Farid Khan, GE Global Gas to Power – Infrastructure Director Peter Mackey, and other senior officials of Petrobangla and Summit Group attended the signing function at Petrocentre.
Summit LNG Terminal Company Pvt. Ltd. Which is a subsidiary of Summit Group, will develop the terminal under Build-Own-Operate-Transfer (BOOT) basis, within 18 months after signing the final contract. The terminal is estimated to facilitate a maximum supply of 500 million cubic feet of natural gas per day from imported LNG. Summit Group would transfer the facilities to Petrobangla after 15 years of operation of those.