Summit, Mitsubishi appraise PM on progress of US$ 3bn investment in Bangladesh


30th May, 2019 04:21:13 printer

Summit, Mitsubishi appraise PM on progress of US$ 3bn investment in Bangladesh

Mitsubishi Corporation and Summit Group on Thursday appraised Prime Minister Sheikh Hasina about the progress of the Summit-Mitsubishi and GE’s investment of $USD 3 billion in Bangladesh.

Jun Nishizawa, Group CEO of Natural Gas Group of Mitsubishi Corporation and Muhammed Aziz Khan, founder Chairman of Summit Group met Prime Minister Sheikh Hasina at New Otani Hotel, Tokyo during a business breakfast meeting to appraise her about the investment progress.

They also discussed other power and energy projects being pursued by Summit and Mitsubishi, said the Summit Group in a media release issued from Tokyo.

Jun Nishizawa said they are happy to have successfully partnered in Bangladesh’s second FSRU terminal with Summit Group. “Mitsubishi has a track record and is keen to invest into gas-to-power project in Bangladesh with our partner Summit Group in order to contribute to the country’s growing energy demand.”

The scope of this project includes four units of 600 MW combined cycle power plants (total generating capacity of 2,400 MW), two units of on-shore LNG terminal with total of 380,000 m³ capacity, oil terminals with 100,000 MT capacity and another 300 MW HFO-based power plant.

Summit will be the majority owner of the project while Mitsubishi and GE will be owning the remaining one.

The project is designed to be completed at a global best tariff by 2023 beginning from 2019. With implementation of this project in 2023, Summit will be doubling its generation capacity.