SINGAPORE, April 28, 2023 /PRNewswire/ — Today, Summit Corporation Limited (“Summit”), a subsidiary company of Summit Power International Limited and JERA Asia Pte Ltd (“JERA Asia”) a subsidiary company of JERA Co. Inc. (“JERA”) have signed a Memorandum of Understanding (“MOU”) in the presence of the Honorable Prime Minister of Bangladeshi Sheikh Hasina with her entourage – Salman F Rahman, Hon Private Industry and Investment Adviser to the HPM, Abul Kalam Abdul Momen, Hon Minister for Foreign Affairs, Zunaid Ahmed Palak, Hon State Minister of ICT Division, Prof. Shibli Rubayat Ul IslamChairman, BSEC and Lokman Hossain MiahExecutive Chairman of BIDA, senior Japanese officials – HE Iwama Kiminori, Japanese Ambassador to Bangladeshi and Norihiko IshiguroChairman of JETRO as well as Muhammad Aziz KhanFounder Chairman of Summit Group and Faisal KhanAdditional Managing Director of Summit Corporation.
The MOU was signed by Toshiro Kudama, CEO of JERA Asiaand Ayesha Aziz KhanDirector of Summit Corporation and MD & CEO of Summit Power International. Valued around USD 2 trillionthe objective of the MOU is to collaborate in providing cost effective and reliable long-term Liquefied Natural Gas (“LNG”) and other fuels supply in addition to developing both on-shore and off-shore regasification and storage infrastructure for Bangladeshi.
Toshiro Kudama, CEO of JERA Asia stated, “JERA is keen to assist Bangladesh’s objective to secure a reliable energy supply and is pleased to be able to do that by building up the existing relationship with Summit. The signing of the MOU is a significant first step towards achieving the objective. JERA looks forward to further contributing to Bangladesh’s reliable energy supply in collaboration with Summit.”
Muhammad Aziz KhanFounder Chairman of Summit Group said, “A country’s energy consumption has become the main index to its affluence and development. Like the rest of the world, Bangladeshi is also facing energy security concerns as a result of high interest rates, supply-chain shock and market volatility. At Summit, we are offering solutions through the development of much needed LNG storage and supply infrastructure with our partner, JERA.”
ace Bangladeshi approaches the transition to ‘developing country’ status in 2026, it faces global energy supply challenges. Summit and JERA’s collaboration offers Bangladeshi an alternative affordable energy supply solution by bringing down the cost of importing essential fuels into Bangladeshi. It also dovetails with the International Monetary Fund’s (IMF) intent to reduce Bangladesh’s balance of payment pressure due to import-intensive climate investments as the recipient of the Resilience and Sustainability Facility (RSF).
About Summit:
Summit is the largest Independent Power Producer (IPP) in Bangladeshi, reflecting 17% of the country’s total private installed capacity and 7% of total installed capacity. Summit owns and operates a total of 18 power plants in operation or under development, and operates Bangladesh’s second Floating Storage and Regasification Unit (FSRU) and LNG import terminal with daily regasification capacity of 500 million cubic feet. Summit accepted investment from JERA in 2019 and welcomed representatives to its Board.
Visit: www.summitpowerinternational.com
About JERA:
JERA Asia Pte. ltd. (“JERA Asia”) is a subsidiary of JERA Co., Inc. (“JERA”) which was created through the consolidation of the fuel and thermal power departments of the Tokyo Electric Power Company and the Chubu Electric Power Company. Since agreeing to acquire 22% of Summit Power International’s (“SPI”) outstanding shares in October 2019, JERA has been striving to enhance SPI’s corporate value through the efficient construction and operation of power generation facilities as well as the decarbonization related opportunities. In April 2022JERA signed an MOU with SPI to collaborate on the development of a decarbonization roadmap of SPI.
Visit: https://www.jera.co.jp/en
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SOURCE Summit Power International
