Summit Power International (SPI) and Mitsubishi Corporation have signed a memorandum of understanding (MoU) to develop an LNG-to-power project, which is expected to cost up to US$3 billion, in Matarbari, Bangladesh.
Prime Minister Sheikh Hasina and Singapore’s Minister for Trade and Industry (Trade) Lim Hng Kiang witnessed the signing of the MoU at the Bangladesh-Singapore Business Forum 2018 on Tuesday, said a statement on the site of SPI.
Under the MoU, the parties agreed to develop an integrated liquefied natural gas (LNG) on shore receiving terminal with a regasification capacity of up to 1,500 million cubic feet per day, two units of 1,200 megawatt gas turbine combined cycle power projects (total of 2,400 MW), relevant high voltage transmission lines and the import of LNG.
Summit Power International Chairman Muhammed Aziz Khan said: “Summit has a long-established track record of working with world-renowned technical partners including General Electric, Wärtsilä and now Mitsubishi Corporation and Diamond Gas.
"This MoU will help SPI support Bangladesh’s fast-growing energy, power and technology needs. It will be a strategic fit for SPI to leverage Mitsubishi’s LNG, and LNG-to-Power expertise as well as understanding of Moheskhali and Bangladesh’s power needs."
He said: "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.”