The floating storage and regasification unit (FSRU) Summit LNG has begun operations at Summit LNG Terminal located offshore Moheshkhali Island in the Bay of Bengal. The FSRU successfully completed commissioning of the liquified natural gas (LNG) terminal, owned by Summit LNG Terminal Co Ltd (Summit), on April 29, 2019. The terminal has a send-out capacity of 500 million standard cubic feet per day (MMscf/d) of natural gas.

In August 2017, Summit entered into a 15-year charter agreement with Excelerate for the FSRU Summit LNG. In addition to providing the FSRU, Excelerate acted as the Owner’s Engineer for Summit in regard to the fixed infrastructure components of the terminal, which included a subsea plug, mooring system, and subsea pipeline.

“The successful completion of the Summit LNG Terminal represents a significant positive change to Bangladesh’s energy supply – helping bolster local industry while benefitting the citizens of the country,” stated Excelerate’s Managing Director Steven Kobos. “We are pleased to have partnered with Summit on this very important project and are confident our experience and expertise in FSRUs will ensure an efficient and reliable service for Bangladesh for the years to come.”

Founder Chairman of Summit Group Muhammed Aziz Khan remarked, “Summit is most pleased to receive the opportunity to provide much-needed RLNG (regasified liquified natural gas) to Bangladesh’s national gas grid. Excelerate‘s in-depth understanding and leadership in the FSRU market has contributed immensely to the implementation of this project. With this additional 500 MMscf/d to current 3,200 MMscf/d, Bangladesh will be able to provide necessary primary energy to Bangladesh. This natural gas will provide huge impetus to growth and development of Bangladesh. Summit will continue its endeavor to provide low cost environmentally friendly energy solutions to Bangladesh.”

In August 2018, Excelerate commissioned its Moheshkhali Floating LNG (MLNG) terminal – Bangladesh’s first LNG import facility. Since beginning operations, MLNG has successfully imported 27 cargoes of LNG and delivered in excess of 70 million MMBtus of natural gas into the Bangladeshi market, which represents an increase in gas supply of over 10% during this period.

About Summit LNG Terminal Co Ltd

Summit LNG Terminal Co Ltd (SLNG) is a subsidiary of Summit Power International (SPI) and is a company of Summit – Mitsubishi consortium. Mitsubishi, the Japanese trading giant, acquired 25% of SLNG in August 2018 and is represented in the Board of Directors of the company. Originally receiving a concession from Petrobangla, Bangladesh’s state-owned company in 2017 to develop a floating LNG terminal facility comprising of a storage and regasification unit, this project is part of SPI’s USD 1 billion investment programme by 2020 to deliver power and gas to Bangladesh. SLNG had awarded Geocean SAS (of France) and Macgregor (of Norway) turnkey contract for marine work for its Floating LNG Storage and Regasification Terminal (FSRT) and PSA Marine (of Singapore) for Support Vessel Services at Moheskhali, Cox’s Bazar while the vessel “Summit LNG” is chartered to purchase from Excelerate Energy of USA.

About Excelerate Energy

Excelerate Energy L.P. is a US-based LNG company located in The Woodlands, Texas. It is part of a privately held US energy group that also includes Kaiser Francis Oil Co, an E&P company with production in the US and Canada along with significant midstream assets, and Cactus Drilling Co, the largest private drilling company in the US. Excelerate is the pioneer and market leader in innovative floating LNG solutions, providing integrated services along the entire LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. Excelerate offers a full range of floating regasification services from FSRU to infrastructure development to LNG supply.