Summit Oil and Shipping Co Ltd on Monday said it has signed a memorandum of understanding with Commonwealth LNG for liquefied natural gas (LNG) supply to Asia, including Bangladesh.
The deal includes 1 million tonnes per year (MTPA) of LNG offtake from Commonwealth’s 8.4 MTPA facility currently under development in Cameron, Louisiana to Summit Oil, a unit of Bangladesh-based Summit Group.
Commonwealth can deliver U.S.-sourced LNG, providing diversification of supply for Bangladesh and the pricing stability associated with Henry Hub, said Farid Khan, vice chairman of Summit Group.
Summit Oil and Shipping Co. Ltd is the largest private sector importer and supplier of fuel oil to Bangladesh, the company said.
Source: Reuters (Reporting by Brijesh Patel and Nakul Iyer in Bengaluru; Editing by Bernadette Baum )