$3B Investment: Summit, Mitsubishi brief PM on progress | The Daily Star
12:00 AM, May 31, 2019 / LAST MODIFIED: 02:25 AM, May 31, 2019

$3B Investment: Summit, Mitsubishi brief PM on progress

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

Jun Nishizawa, group CEO of Natural Gas Group of Mitsubishi Corporation, and Muhammed Aziz Khan, founder chairman of Summit Group, met the prime minister at the New Otani Hotel, Tokyo during a business breakfast meeting to brief her on the investment progress.

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

Nishizawa said they are happy to have successfully partnered in Bangladesh’s second FSRU (floating storage regasification unit) terminal with Summit Group.

“Mitsubishi has a track record and is keen to invest in gas-to-power project in Bangladesh with our partner Summit Group in order to contribute to the country’s growing energy demand.”

The planned project includes four units of 600-megawatt combined cycle power plants, two units of onshore liquefied natural gas terminal with 380,000-cubic metre capacity, oil terminals with capacity of 100,000 tonnes, and one 300MW HFO-based power plant.

Beginning from 2019, the project is designed to be completed at a global best tariff by 2023, according to the statement. 

Summit will be the majority owner of the project, which will double its generation capacity.

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