Summit Group has secured a contract from Petrobangla to build a floating liquefied natural gas terminal at offshore Moheshkhali Island within Chittagong division of Bangladesh.

Under the contract, Summit Group's Summit LNG Terminal Company will set-up floating facilities within 18 months after the entering a final agreement.

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The floating terminals will have a daily supply capacity of 500 million cubic feet of natural gas, reported Thedailystar.net.

For every 1,000ft³ of natural gas, the LNG will cost the Bangladeshi Government $0.45.

Summit Group will transfer the terminals to Petrobangla after operating them for 15 years.

"We want to ensure constant supply of primary energy for the country by implementing this project."

The project will be developed in collaboration with US-based GE, which will serve as an equity investment partner. Facilities will also contain floating storage and re-gasification unit, reported Thefinancialexpress-bd.com.

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Summit Group chairman Muhammed Aziz Khan was quoted by Thedailystar.net as saying: “We want to ensure constant supply of primary energy for the country by implementing this project.”

Khan claimed that LNG is not only cost-effective, but also a more eco-friendly alternative.

Last month, Petrobangla signed an agreement with India-based Petronet to construct a LNG re-gasification terminal on Kutubdia Island, as well as a pipeline. This project is estimated to be $950m.

The country is exploring new ventures as it is facing shortage in gas supply. The current supply is around 2,700Mcfd, while it requires 3,300Mcfd.