Global law firm White & Case LLP has advised Sumitomo Mitsui Banking Corporation (SMBC), as financier, on the project financing of the Summit LNG import terminal located in the Bay of Bengal, Bangladesh.
"This project is the first commercial bank project financed LNG import facility in Bangladesh, sending a very positive signal for the proposed development of the large pipeline of LNG import facilities in the country," said White & Case partner Fergus Smith, who led the Firm's deal team.
The LNG import terminal has been developed by a joint venture between Summit Corporation Limited and Mitsubishi Corporation, and comprises a floating storage and regasification unit (FSRU), LNG carrier berthing facilities and a subsea pipeline connected to the national grid of Bangladesh. The terminal has a send-out capacity of 500 million standard cubic feet per day (MMscf/d) of natural gas and has been developed pursuant to a terminal use agreement entered into by the state-owned Petrobangla.
"Socio-economic development, a growing population and declining domestic gas supply mean that LNG importation is a critical national priority for Bangladesh," said Smith. "The White & Case team utilized our experience as a global leader in the LNG sector to support this successful project, which is a critical step forward for Bangladesh as it pursues energy security."
The White & Case team which advised on the transaction was led by partner Fergus Smith (Singapore) and included partners Matthew Osborne, Steve Payne (both Singapore) and Paul Harrison (Tokyo), associates Mikio Kobayashi (Tokyo), Audrey Lim and Weibin Quek (both Singapore) and lawyer Callum Fitzpatrick (Melbourne).
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