Summit, JERA Asia ink deal for Matarbari energy project

Bangladesh and Japan today signed a deal which will initiate a large energy infrastructure project in Matarbari area of Cox's Bazar.

To achieve Sustainable Development Goals (SDG) by 2030 and "Vision 2041" set by the Prime Minister Bangladesh Sheikh Hasina - Summit Corporation and JERA Asia signed a Memorandum of Understanding (MOU) at New Otani Hotel in Tokyo, Japan during her state visit to Japan.

Under this MOU, Summit and JERA Asia will initiate the energy infrastructure project that would include, among others, capability of handling 20 million tons of bulk cargo per annum in Matarbari area in Cox's Bazar, Bangladesh, according to a press release.

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 the presence of PM Sheikh Hasina.

The State Minister, Ministry of Power, Energy and Mineral Resources, Nasrul Hamid MP, the State Minister, Ministry of Foreign Affairs, Shahriar Alam MP, the Principle Secretary to the HPM Nojibur Rahman, the Principal Coordinator of SDG and Chairman of MIDI (Moheshkhali-Matarbari Integrated Infrastructure Development Initiative), Md Abul Kalam Azad and Ambassador of Bangladesh to Japan Rabab Fatima, and Chairman of Summit Group, Muhammed Aziz Khan were also present during the signing.

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.

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 together. 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."