Summit Group Addresses Status of Bangladesh’s Third FSRU Project – United Business Network

Summit Group recently clarified its position regarding the development of Bangladesh’s third Floating Storage and Regasification Unit (FSRU) project, highlighting the investments and preparations already made for this critical energy infrastructure initiative. The leading infrastructure developer has invested USD 20 million in preliminary work, including essential technical studies and administrative requirements.

The project represents a significant commitment to Bangladesh’s energy sector. SLNG II, a Dhaka-based subsidiary of Summit Power International Limited, signed agreements with Petrobangla and the Government of Bangladesh in March 2024 for the development of the facility, which would provide 600 million standard cubic feet of regasification capacity daily.

Summit Power International, headquartered in Singapore, brings substantial experience to the project through its existing operations in Bangladesh’s energy sector. The company currently operates the country’s second FSRU facility, establishing a strong track record in managing similar infrastructure.

The proposed project received careful consideration from regulatory authorities, with the Cabinet Committee approving the Terminal Use Agreement and Implementation Agreement in December 2023. The planned investment of USD 550 million would mark a substantial contribution to Bangladesh’s foreign direct investment portfolio.

Summit Group maintains regular communication with relevant authorities regarding project requirements. When questions arose about certain procedural matters, the company sought guidance from respected legal firms, including Herbert Smith Freehills of Singapore and Dr Kamal Hossain & Associates, to ensure full compliance with all obligations.

The company’s approach to the project reflects its broader commitment to Bangladesh’s energy infrastructure development. Summit Group’s track record includes multiple successful infrastructure projects that support the country’s economic growth and energy security.

Technical preparation for the FSRU project involved comprehensive studies. The company conducted detailed metocean and geophysical assessments to ensure the facility’s safe and efficient operation. These studies represent part of Summit Group’s investment in the project’s preliminary phase.

Bangladesh’s energy needs continue to grow with its expanding economy. The proposed FSRU would play an important role in meeting this demand, providing additional capacity for natural gas imports and supporting both industrial and residential energy requirements.

Summit Group’s existing operations in Bangladesh’s energy sector demonstrate its capability to manage complex infrastructure projects. The company’s experience includes power generation facilities and LNG terminals, contributing to the country’s energy supply chain.

The development of energy infrastructure requires careful attention to technical specifications and regulatory requirements. Summit Group’s preparation for the FSRU project includes addressing these aspects while maintaining open communication with relevant authorities.

The project aligns with Bangladesh’s goals for energy security and economic development. Additional LNG import capacity would support the country’s industrial growth while providing a reliable energy source for various sectors of the economy.

Summit Group remains focused on contributing to Bangladesh’s infrastructure development through carefully planned and executed projects. The company’s investment in preliminary studies and technical assessments for the FSRU project demonstrates this commitment.