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Summit gets Maheskhali LNG terminal work

  • Published at 12:46 am April 6th, 2017
Summit gets Maheskhali LNG terminal work
The government has awarded 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 was approved at the Cabinet Committee on Public Purchase, presided over by Finance Minister AMA Muhith. “Summit Corporation Limited has got the work of the construction of second floating LNG terminal,” Additional Secretary Mostafizur Rahman told journalist after the meeting on Wednesday. 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 Power Division has also daily tariff reduction facilities of $2756 from re-gasification and port charges, according to the proposal. 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.
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