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Summit to get work of LNG terminal in Maheskhali

  • Published at 12:29 am March 30th, 2017
Summit to get work of LNG terminal in Maheskhali
The government is going to award Summit Corporation Limited the job of setting up Bangladesh’s second floating LNG terminal to be built in Maheshkhali Island, Cox’s Bazar. The Energy Division proposal will be placed at the Cabinet Committee on Public Purchase on April 3, said officials. Summit signed the deal last month for building the liquefied natural gas (LNG) import terminal on the offshore Island of Maheskhali. The terminal, which will have floating storage and re-gasificaiton unit (FSRU), will be set up by Summit and Singapore-based Exelerate Energy jointly as equity investment partners. According to the proposal, Summit Corporation Limited will develop the facilities on build-own-operate-transfer basis. The work will have to begin within 18 months of the signing of the final contract. It will facilitate supply of around 500m cubic feet natural gas per day. The business group, which has got big ventures in power sector, will transfer the facility to Petrobangla after 15 years of operation. Under the proposal, the government’s petroleum agency will pay $0.45 to Summit for re-gasification of every thousand cubic feet of natural gas. The sum is 2.0 US cents less than the rate to be charged by Excelerate Energy ($0.47) from Petrobangla under a similar contract signed on July 18, 2016. Petrobangla would have to pay Summit every day around $2,500 less the amount to be taken by the Excelerate Energy. The government can save at least $20m annually by awarding the project to a local company. The project would require an investment of around $400-500m.
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