SPI and Mitsubishi sign Memorandum of Understanding for new $3bn project

Summit Power International (SPI) has signed a Memorandum of Understanding (MoU) with Mitsubishi Corporation to develop a $3bn LNG-to-power project in Matarbari, Bangladesh.

Under the MoU, the parties will develop an integrated LNG onshore receiving terminal with a regasification capacity of up to 1,500 million cubic feet per day, two units of 1,200 megawatt gas turbine combined cycle power projects, and associated high voltage transmission lines.

Muhammed Aziz Khan, Chairman of SPI, said: “This MoU will help SPI support Bangladesh’s fast-growing energy, power and technology needs.

“The two groups are well-positioned to uniquely benefit from opportunities arising from the Bangladesh government’s move to raise LNG imports to meet the country’s domestic natural gas shortfall and expand the country’s power generation capacity.”

By April, SPI is set to become the first Bangladeshi company listing on the Singapore Exchange (SGX), Reuters reported in February.

For more information, visit: www.summitpower.com

15th Mar 2018