AlwaysFree: JERA to Develop LNG Supply, Storage and Regasification with Summit Power

According to the company’s website press release on April 27, 2023, JERA Co., Inc. (“JERA”), through its subsidiary JERA Asia Pte. Ltd. (“JERA Asia”), has concluded a Memorandum of Understanding (“MOU”) with Summit Corporation Limited (“Summit Corporation”), a subsidiary company of Summit Power International Limited (“Summit Power”), the largest independent power producer in Bangladesh to collaborate on the development of LNG supply, storage and regasification and LNG.

The MOU was signed by Toshiro Kudama, JERA Asia CEO, and Ayesha Aziz Khan, Director of Summit Corporation and Managing Director & CEO of Summit Power, in the presence of the Honorable Prime Minister of Bangladesh Sheikh Hasina, Prof Shibli Rubayat-Ul-Islam, Chairman (Senior Secretary), Bangladesh Securities and Exchange Commission (BSEC), and Muhammed Aziz Khan, Founder Chairman of Summit Group at the Tokyo Summit on “Trade & Investment Opportunities between Bangladesh and Japan”.

Summit Power is a power generation company under the umbrella of Bangladesh's leading infrastructure conglomerate Summit Group. It also owns a floating storage and regasification unit (FSRU) with a daily regasification capacity of 500 million cubic feet located in offshore Moheshkhali, Bangladesh. Since agreeing to acquire 22% of Summit Power's outstanding shares in October 2019, JERA has been striving to enhance Summit Power's corporate value through the efficient construction and operation of power generation facilities as well as the decarbonization related opportunities. In April 2022, JERA signed an MOU with Summit Power to collaborate on the development of a decarbonization roadmap for Summit Power.

In line with increasing gas demand and declining in domestic gas production, Bangladesh needs the development of stable LNG supply. The MOU indicates that JERA and Summit will collaborate in LNG storage and regasification, and the long-term supply of LNG to Bangladesh.

There is an acceleration of the energy transition to a carbon-neutral future. LNG will play an even more important role as a source of transition energy in Asia especially in Bangladesh. 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.

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