Summit Group urged the Bangladesh Oil, Gas and Mineral Corporation or Petrobangla to reconsider the decision to terminate the country鈥檚 third Floating Storage and Regasification Unit project.
A press release issued by the private energy company on Wednesday said the termination delayed the project, affecting Summit that invested approximately USD 20 million for its implementation.
Summit LNG Terminal II, a Dhaka subsidiary of Singapore-based Summit Power International Limited, wrote to Petrobangla.
Petrobangla and the ministry of power, energy and mineral resources on January 14, 2025, issued a letter notifying that certain conditions under the Terminal Use Agreement signed earlier with Summit had purportedly not been fulfilled and so the agreement was terminated.
On March 30, 2024, Summit signed the agreement with Petrobangla and the Bangladesh government.
