Summit Corporation and JERA Asia will initiate a large energy infrastructure project that would enhance capacity of handling 20 million tonnes of bulk cargo per annum in Matarbari area in Cox's Bazar.
To this end, Summit Corporation and JERA Asia signed a Memorandum of Understanding (MOU) at New Otani Hotel in Tokyo on Wednesday during the Prime Minister's state visit to Japan.
This would help Bangladesh achieve Sustainable Development Goals (SDGs) by 2030 and implement “Vision 2041” set by the Prime Minister Sheikh Hasina, Summit officials said.
According to Summit officials, this large energy infrastructure project will provide impetus to Bangladesh's trade by development of various terminals for cargo and primary fuel in Matarbari area in Cox's Bazar.
The project is expected to be functional within two years of signing the project agreement between Summit, JERA Asia and the Government of Bangladesh with estimated investment of over US$500 million.
Faisal Khan, director of Summit Group and Toshiro Kudama, CEO of JERA Asia signed the MOU on behalf of the respective companies.
The signing ceremony was held in presence of Prime Minister Sheikh Hasina along with State Minister for Power, Energy and Mineral Resources Nasrul Hamid, State Minister for Foreign Affairs Shahriar Alam, Principal Secretary to the PM Nojibur Rahman, Principal Coordinator of SDG and Chairman of MIDI (Moheshkhali-Matarbari Integrated Infrastructure Development Initiative) Md. Abul Kalam Azad, Ambassador of Bangladesh to Japan Rabab Fatima, and Chairman of Summit Group Muhammed Aziz Khan.
Founder Chairman of Summit Group Muhammed Aziz Khan remarked, “This project of Summit with JERA Asia has the potential to save billions of dollars for Bangladesh for years to come by providing logistics and handling thus maintaining supply-chain more efficient enabling Bangladesh to achieve each of her visions.”
CEO of JERA Asia Toshiro Kudama remarked, “By signing this MOU, we would like to further accelerate the development of energy infrastructure projects in Bangladesh. JERA would like to work together and would like to support a very important country for us -- Bangladesh, with our investment and bringing state-of-the-art technologies and our excellence in management.”
Summit Group is the largest infrastructure conglomerate in Bangladesh as well as the largest Independent Power Producer (IPP). In April 2019, Summit - Mitsubishi consortium owned company - Summit LNG Terminal Co Ltd successfully commissioned its floating storage and regasification unit (FSRU). In addition Summit, Mitsubishi and GE have announced a US$ 3 Billion (about BDT 24 Thousand Crore) investment – thus far the largest private foreign direct investment (FDI) in Bangladesh.
JERA is an energy company with global reach that has strength in the entire energy supply chain, from participation in LNG and other fuel resource projects and fuel procurement, through fuel transportation to power generation. Established in 2015, JERA is an equal joint venture of two major Japanese electric companies, TEPCO Fuel & Power Incorporated and Chubu Electric Power Company. JERA’s mission is to supply power and energy on a globally competitive basis, by effectively developing and managing its portfolio of energy chain assets and continuously optimizing its business.