JERA, Summit Power team up on LNG supply, storage, and regasification

Japan’s energy major JERA, through its subsidiary JERA Asia, has signed a memorandum of understanding (MoU) with Summit Corporation, a subsidiary of Summit Power International, a power producer in Bangladesh, to collaborate on the development of LNG supply, storage, and regasification.

More specifically, the MoU indicates that JERA and Summit will collaborate in LNG storage and regasification, and the long-term supply of LNG to Bangladesh.

JERA said that LNG will play an important role as a source of transition energy in Asia, especially in Bangladesh, adding: “JERA would like to deepen our cooperative relationship with Summit Power with this MoU and to contribute to the reliable energy supply and the strengthening of the LNG value chain in Bangladesh through our involvement in the LNG supply, storage, and regasification.”

In 2019, JERA acquired 22% of Summit Power’s shares, and in April 2022, the two companies signed a MoU to collaborate on the development of a decarbonisation roadmap for Summit Power.

JERA said that, since the acquiring of shares, it has been striving to enhance Summit Power’s corporate value through the efficient construction and operation of power generation facilities as well as the decarbonisation-related opportunities.

To note, Summit Power owns a floating storage and regasification unit (FSRU) with a daily regasification capacity of 500 million cubic feet located in offshore Moheshkhali, Bangladesh.