27th April 2023

Tokyo, Japan April 27, 2023 (PR) - Summit Corporation Limited, a subsidiary company of Summit Power International Limited and JERA Asia Pte Ltd a subsidiary company of JERA Co. Inc. have signed a Memorandum of Understanding (MOU) in the presence of the Prime Minister of Bangladesh Sheikh Hasina with her entourage - Salman F Rahman, Private Industry and Investment Adviser to the Prime Minister, Abul Kalam Abdul Momen, Minister for Foreign Affairs, Zunaid Ahmed Palak, State Minister of ICT Division, Prof Shibli Rubayat Ul Islam, Chairman, BSEC and Lokman Hossain Miah, Executive Chairman of BIDA, senior Japanese officials - Iwama Kiminori, Japanese Ambassador to Bangladesh and Norihiko Ishiguro, Chairman of JETRO as well as Muhammed Aziz Khan, Founder Chairman of Summit Group and Faisal Khan, Additional Managing Director of Summit Corporation.


The MOU was signed by Toshiro Kudama, CEO of JERA Asia, and Ayesha Aziz Khan, Director of Summit Corporation and MD & CEO of Summit Power International. Valued around USD 2 billion, the 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 Bangladesh.


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.”


Muhammed Aziz Khan, Founder 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, Bangladesh 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.”


As Bangladesh approaches the transition to ‘developing country’ status in 2026, it faces global energy supply challenges. Summit and JERA’s collaboration offers Bangladesh an alternative affordable energy supply solution by bringing down the cost of importing essential fuels into Bangladesh. 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 Bangladesh, 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.

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