Economy
“JERA and Summit Power to Develop LNG Supply and Storage Facilities”
JERA Co., Inc., a Japanese energy company, has signed a Memorandum of Understanding (MOU) with Summit Corporation Limited, a subsidiary of Summit Power International Limited in Bangladesh.
The two companies will collaborate on the development of liquefied natural gas (LNG) supply, storage, and regasification. The MOU was signed by Toshiro Kudama, CEO of JERA Asia, and Ayesha Aziz Khan, Director of Summit Corporation, in the presence of Bangladesh Prime Minister Sheikh Hasina and other officials at the “Trade & Investment Opportunities between Bangladesh and Japan” summit in Tokyo.
Summit Power, a power generation company under Bangladesh’s infrastructure conglomerate Summit Group, owns a floating storage and regasification unit (FSRU) in offshore Moheshkhali, Bangladesh, with a daily regasification capacity of 500 million cubic feet.
Since acquiring 22% of Summit Power’s outstanding shares in October 2019, JERA has been working to improve Summit Power’s corporate value through efficient construction and operation of power generation facilities and decarbonization opportunities. In April 2022, JERA signed another MOU with Summit Power to develop a decarbonization roadmap.
Given the increasing demand for gas and the decline in domestic gas production, Bangladesh needs a stable LNG supply. The MOU suggests that JERA and Summit will collaborate on LNG storage and regasification, as well as the long-term supply of LNG to Bangladesh.
As the world transitions towards a carbon-neutral future, LNG will play a vital role as a source of transition energy in Asia, particularly in Bangladesh. JERA hopes to strengthen its cooperative relationship with Summit Power through this MOU and contribute to reliable energy supply and the strengthening of the LNG value chain in Bangladesh by participating in the LNG supply, storage, and regasification.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
