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Bangladesh’s Summit LNG FSRU to arrive at Chittagong port on July 11, says official

The floating storage and regasification unit (FSRU) of Bangladesh’s Summit LNG is currently heading to Chittagong port and will arrive there on July 11, according to shiptracking data and a Petrobangla official, after departing Singapore where it was undergoing repairs.

The FSRU, also named Summit LNG, departed Singapore on July 6 and passed through the strait of Malacca, according to shiptracking data from LSEG and Kpler.

LSEG data lists the vessel’s destination as Chittagong.

The Petrobangla official said the unit could resume operations in mid-July and added that Bangladesh is importing six cargoes through its long-term deals this month, as well as two additional cargoes from the spot market.

The official did not want to be named as he was not authorised to speak to the media.

One spot cargo will arrive in Bangladesh in mid-July, and was awarded to Excelerate Energy at $13.5580 per million British thermal units (mmBtu). The other spot cargo is due to arrive on July 24-25, said the official.

Summit LNG did not respond to a request for comment, and U.S.-based Excelerate Energy did not respond outside of its working hours.

Summit LNG, the operator of the FSRU, paused operations on the unit after it was damaged by a steel structure when Cyclone Remal lashed Bangladesh in late May, and declared force majeure on liquefied natural gas deliveries. The FSRU was then sent to Singapore for repairs.

State-owned Petrobangla, which is tasked with importing LNG for Bangladesh, then cancelled four spot cargoes scheduled for delivery from late May to around mid-June.

Bangladesh’s gas shortage became more acute after the FSRU was damaged, as the country relies on the fuel to meet power demand for its population of more than 170 million.

The FSRU acts as one of Bangladesh’s two floating LNG import terminals that supplies gas to the national grid. It has a regasification capacity of 500 million cubic feet per day, and began commercial operations in April 2019.

Summit had entered a 15-year charter agreement with Excelerate Energy in 2017 for the FSRU. Excelerate Energy said last month that it is committed to returning it to service in Bangladesh by end-July.
Source: Reuters (Reporting by Emily Chow in Singapore and Ruma Paul in Dhaka; Editing by Mrigank Dhaniwala)

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