3.75 Mt/year Summit LNG import terminal starts operations in Bangladesh

3 May 2019

The Summit Group has completed the commissioning of its 3.75 Mt/year (5.1 bcm/year) floating storage and regasification unit (FSRU), Summit LNG, that has just started feeding gas to the Bangladesh's national gas grid. The project is 75% owned by Summit and 25% by Japanese Mitsubishi (stake acquired in August 2018). It was built on a build–own–operate–transfer (BOOT) basis and will be transferred to Petrobangla after 15 years of operations. The project will increase Bangladesh's LNG import capacity to 7.5 Mt/year (10.2 bcm/year).

In July 2018 Summit LNG also entered a joint venture with General Electric (20%) and Mitsubishi (25%) to take part in a large 2 400 MW combined-cycle gas turbine power plant (CCGT) made up of 4 units of 600 MW. The US$3bn project would include an LNG onshore terminal that would supply the power plant. Construction should start in 2019 and the project should be completed by 2023.

Natural gas consumption in Bangladesh grew by 3.4%/year over 2000-2010. However, growth stalled in 2011 due to supply issues and has slowed down since then, averaging 0.5%/year over the 2011-2017 period. Total gas consumption stood at 28 bcm/year in 2017.

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