Mitsubishi to acquire 25% stake in Bangladesh LNG terminal

Mitsubishi to acquire 25% stake in Bangladesh LNG terminal

Japan’s Mitsubishi Corporation has reached an agreement to acquire a 25% stake of the Summit Liquefied Natural Gas (LNG) terminal in Bangladesh.

The remaining 75 percent stake of the terminal will remain with local conglomerate Summit Corporation.

The latest agreement follows Mitsubishi and Summit signing a memorandum of understanding in March to jointly pursue an integrated LNG-to-power development.

The LNG terminal is currently under construction and is expected to be operational by March 2019.

The project will include a floating storage and regasification unit (FSRU) to be installed off the coast of Moheshkali, where it will receive and regasify LNG procured by national energy firm Petrobangla. The planned LNG import volumes are about 3.5m tonnes per annum.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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