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Mitsubishi acquires 25% stake in Bangladesh LNG terminal

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LNG Industry,

According to Reuters, Mitsubishi Corp. has reached an agreement to acquire a 25% stake in the Summit LNG terminal in Bangladesh, and is planning to help in the development of an offshore receiving facility in the country.

Reuters reports that the remaining 75% stake will continue to be held by Summit Corp. The project calls for a floating storage and regasification unit (FSRU) to be implemented nearby Moheshkali. This facility will receive and regasify LNG that has been procured by Petrobangla.

Terminal construction has already commenced, with Reuters reporting that commercial operation is expected to commence in March next year. Mitsubishi reportedly said that planned LNG import volumes are approximately 3.5 million tpy.

Although the investment cost has not been disclosed, an industry source close to the matter said that the company is thought to be investing approximately US$20 million – US$25 million for the stake.

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