Mitsubishi Corporation will acquire 25% interest in Summit LNG Terminal and has agreed to develop a LNG receiving terminal that uses a FSRU in Bangladesh.
Following the acquisition, 75% of Summit LNG Terminal will be held by Summit Corporation and remaining by MC.
As part of the project, the terminal will install an FSRU 6km off the coast of the island of Moheshkali in the Cox's Bazar district of Chattagram division in Bangladesh. It will receive and regasify LNG procured by Petrobangla, the national oil and energy company.
Construction of the terminal started at the end of 2017 and commercial operations are expected to start next March. The planned LNG volume is 3.5 million tonnes per annum.
LNG receiving terminals that use FSRUs can be installed at a lower cost and constructed within a shorter period than conventional onshore receiving terminals. The are an effective means to build LNG receiving capacity in emerging countries. It is expected that demand for such terminals will grow.
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