Summit, GE, Mitsubishi to develop Matarbari LNG facilities
Summit Corporation has partnered with GE (General Electric Company) and Mitsubishi Corporation in developing liquefied natural gas (LNG) facilities located in Matarbari near Cox's Bazar, Bangladesh. The joint venture of the three companies has signed a Memorandum of Understanding (MoU) with the Government of Bangladesh investing in about US$ 3 Billion to develop the projects that include:
- 2400 MW LNG combined cycle power plants
- 300 MW heavy fuel oil-based power plant
- Two units of on-shore terminals
The signing of the MoU was witnessed by the Honorable Advisor to the Prime Minister on Power, Energy and Mineral Resources Dr. Tawfiq-e-Elahi Chowdhury, BB, PhD, honorable State Minister of Power, Energy and Mineral Resources Mr. Nasrul Hamid, MP and other senior officials.
The facilities are expected to be completed by 2023 with the construction to commence in 2019.
Summit Corp will own the majority shares of the projects while the remaining will be owned by GE and Mitsubishi.
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