Dhaka, September 10, 2026: Summit LNG Terminal II Co. Ltd. has urged Petrobangla to reconsider the termination of its proposed second floating storage and regasification unit (FSRU) project, claiming the deal could save the government around $1.1 billion while strengthening the country’s energy security.
Petrobangla spokesman Tariqul Islam Khan confirmed that Summit sent the request in a letter dated September 6.
Under Summit’s proposed build-own-operate-transfer (BOOT) model, Petrobangla would receive full ownership of the FSRU, mooring system and subsea pipeline after 15 years at no cost. Summit said the alternative build-own-operate (BOO) model currently under consideration could result in an estimated economic loss of $883 million.
The company also cited lower charter costs, saying its proposed FSRU would cost around $300,000 per day, compared with an estimated $342,000 per day for the alternative proposal, potentially saving about $230 million over 15 years.
Summit said it has already invested around $20 million in the project, completed necessary surveys and procured critical equipment. The proposed FSRU would have a regasification capacity of 600 MMCFD.
The company has requested immediate reinstatement of the agreement, arguing that the project would provide both economic and strategic benefits to Bangladesh’s energy security. It also highlighted its diversified LNG sourcing arrangements, including supplies from the United States, Australia, Mozambique and Canada, which it said could reduce exposure to supply disruptions in West Asia.
Summit signed agreements in March 2024 to develop the FSRU under a BOOT arrangement. Its existing 3.75 million tonnes per year FSRU at Moheshkhali began commercial operations in April 2019 and is scheduled to remain operational until 2033.
