Bangladesh's state-owned Bangladesh Oil, Gas and Mineral Corporation Petrobangla has cancelled its agreement with Summit Group, a Bangladeshi conglomerate, to build a second floating storage and regasification unit (FSRU) with a capacity of in the country. The LNG import terminal, which would have had a capacity of 600 mcf/d (6.2 bcm/year), would have been Bangladesh's third and was estimated to have been operational by the second quarter of 2026.
The LNG terminal was originally approved in December 2023 and was supposed to be located in in Moheshkhali, district of Cox's Bazar. The cancellation follows a recommendation from a government committee saying the project did not follow a transparent process. Summit Group considers this decision is unjustified and will appeal for review. The cancellation of Summit's contract is also expected to end a 15-year LNG supply agreement tied to the terminal's construction.
Summit Group already operates a 500 mcf/d (5.1 bcm/year) LNG terminal in Cox’s Bazar. The other LNG terminal (also 500 mcf/d) is operated by the US company Excelerate Energy.
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