Summit gets final approval for third LNG import terminal in Bangladesh
The Bangladesh government has granted final approval to the Summit Group for the construction of its second LNG and the country's third import terminal in Moheshkhali, Cox's Bazar, state news agency Bangladesh Sangbad Sangstha reported on December 6.
As per the approval, Summit Oil & Shipping Co., a subsidiary of the Summit Group, will sign an agreement to build the terminal with a regasification capacity of 600mn ft3/day. The country has two floating LNG terminals, each with a capacity of 500mn ft3/day, located in Maheshkhali. One of these terminals is operated by Summit, while the other is operated by Excelerate.
Amidst the backdrop of declining global gas prices, Bangladesh has undertaken efforts to secure fresh long-term agreements. It recently signed a long-term LNG deal with QatarEnergy Trading, the LNG trading arm of QatarEnergy. In June, Bangladesh signed a deal with Oman. Bangladesh already has existing LNG import deals with Oman Trading International and Qatargas.
Last month, US-based Excelerate signed a 15-year LNG supply agreement with Petrobangla.