Statement on Summit’s Second FSRU

Summit is continuously working on offering solutions for Bangladesh’s energy and power security. Towards that, the most important requirement is infrastructure with the ability to store LNG, which must be stored at minus 162 degrees centigrade and have the ability to regasify liquid natural gas back to its original gaseous form. The offshore Floating Storage Regasification Unit (FSRU) is the most efficient, least cost and fastest implementable infrastructure solution. Europe has successfully implemented this storage within a short period of time, and in recent time has been able to overcome the negative effects of decreased Russian gas supplies. 

An estimated investment of USD 500 million (BDT 5,600 Crore) would be required in order to provide storage for about 170,000 cubic metres of LNG (Liquified Natural Gas) along with port services and management of the vessel in the deep sea including ability to do STS (Ship-to-Ship) transfer of LNG. The location will be about 5 kilometres off Moheshkhali island in the deep seas, utilising the vast Bay of Bengal areas that Bangladesh has won via arbitration constituted under the UN law. We will lay an approximately 5 km subsea pipeline, 24 inch in diameter, at 5 metres depth into the sea bed. These pipelines will connect to the National Grid of Bangladesh i.e. country’s gas transmission network with the FSRU. The FSRU will supply at least 600 mmcfd (million cubic feet per day) gas, capable of increasing to 800 mmcfd. 

We are currently working on such an FSRU project and we are awaiting approval from the government of Bangladesh. Summit will always support the people and government of Bangladesh to ensure uninterrupted gas and electricity supply, for the fastest and most sustainable development and growth of Bangladesh.