Summit Corporation Ltd signed a memorandum of agreement worth around two billion USD on April 27 with Japan’s Jera Asia Pte Ltd to work on supplying liquefied natural gas and other fuels, as well as developing on- and off-shore regasification and storage facilities for Bangladesh.

According to a Summit Group press statement, the primary agreement was signed in Tokyo in the presence of Prime Minister Sheikh Hasina.

Toshiro Kudama, CEO of Jera Asia, and Ayesha Aziz Khan, a director of Summit Corporation, signed the MoU. Summit Power International is a subsidiary of Summit Corporation, while Jera Asia is a subsidiary of Jera, Japan’s largest energy firm.

The MoU aims to collaborate in providing cost-effective and reliable long-term LNG and other fuel supply and establishing both on-shore and off-shore regasification and storage infrastructure for Bangladesh.

Jera, Japan’s largest energy business, paid $330 million for a 22% share in Summit Power International Ltd to build significant energy infrastructure, including power-producing projects in Bangladesh. Signing the MoU is an important first step toward achieving the goal. Jera looks forward to working with Summit to contribute to Bangladesh’s stable electricity supply in the future. 

Summit is Bangladesh’s largest independent power producer, accounting for 17% of the country’s total electrical installed capacity in the private sector and 7% of the total installed capacity.

Summit owns and manages 18 power plants that are either operational or under construction, as well as the second floating storage and regasification unit and LNG import terminal in Bangladesh, with a daily regasification capacity of 500 million cubic feet.