Mitsubishi agrees to buy 25% stake in Summit LNG Terminal
Kabir Humayun: Mitsu-bishi Corporation will purchase a one-fourth stake in Summit LNG Terminal, a unit of Summit Power International.
“Mitsubishi Corporation has agreed to acquire a 25 percent interest in Summit LNG Terminal Co to develop a liquefied natural gas receiving terminal that uses a floating storage and regasification unit or FSRU in Bangladesh,” it said in a statement yesterday, reports bdnews24.com.
It also said that with the acquisition75 percent of Summit LNG will be held by Summit Corporation and 25 percent by Mitsubishi.
Summit Power signed a memorandum of understanding with Japan’s Mitsubishi Corp in March to develop the $3 billion LNG-to-power project in Bangladesh.
Under the project, Summit LNG will install an FSRU, 6km off the coast of the island of Moheshkali in Cox Bazar, where it will receive and regasify LNG procured by Petrobangla, the Bangladesh oil and energy company.