Petrobangla, Summit Pact for 2nd LNG Terminal

The Financial Express reported that Summit group will install a Floating Storage and Re-gasification Unit (FSRU) at Moheshkhali Island in the Cox's Bazar. The terminal will have 500 million meter standard cubic feet per day (mmscfd) capacity, which would go on operation after 18 months.

The cost of the second project is estimated at $400 million-500 million, which Summit will implement jointly with US based General Electric as an 20% equity investment partner.

Prime Minister's Power, Energy and Mineral Resources Affairs Adviser Dr Tawfiq-e-Elahi Chowdhury, Bir Bikram, witnessed the signing ceremony and said the second FSRU terminal would come to operation before schedule time.

He said the government is working to meet energy demand in the country with various realistic initiatives.

According to the signed agreement, per unit processing cost will be 0.45 cent which is lowered compared to that of the under construction LNG terminal signed between Petrobangla and US company Accelerator Energy (AE) Bangladesh Limited.