Summit Corporation and JERA Asia signed a memorandum of understanding (MOU) to develop a $500 million energy infrastructure project in Matarbari area in Cox’s Bazar, Bangladesh. 

Infrastructure conglomerate Summit said in its statement the two companies intend to develop a project that would include, among others, capable of handling 20 million tons of bulk cargo per annum.

This large energy infrastructure project will provide impetus to Bangladesh’s trade through the development of various terminals for cargo and primary fuel in Matarbari area in Cox’s Bazar, Summit said.

The project is expected to be functional within two years of signing the Project Agreement between Summit, JERA Asia and the government of Bangladesh.

Summit’s unit, Summit LNG, recently completed the first liquefied natural gas ship-to-ship transfer at its Summits FSRU in the Bay of Bengal. The company chartered the vessels from Excelerate Energy on a 15-year deal.

The LNG import facility is part of Summit Power International’s $1 billion investment program by 2020 to deliver power and gas to Bangladesh.