Summit, Mitsubishi appraise PM on progress of $3b investment in Bangladesh

1 June 2019 | Daily NewAge 
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Prime minister Sheikh Hasina is seen with Summit Group founder chairman Muhammed Aziz Khan and Mitsubishi Corporation Natural Gas Group’s group CEO Jun Nishizawa when they update PM on $3 billion investment in Bangladesh, at New Otani Hotel in Tokyo, Japan recently. — New Age photo
Mitsubishi Corporation Natural Gas Group’s group CEO Jun Nishizawa and Summit Group founder chairman Muhammed Aziz Khan have met with prime minister Sheikh Hasina at New Otani Hotel in Tokyo recently, said a press release. 
They appraised her about the progress of the Summit-Mitsubishi and GE’s investment of $3 billion in Bangladesh, during business breakfast meeting, the release also said. 
They also discussed about other power and energy projects being pursued by Summit and Mitsubishi.
Jun Nishizawa said, ‘We are happy to have successfully partnered in Bangladesh’s second FSRU terminal with Summit Group. Mitsubishi has a track-record and is keen to invest into gas-to-power project in Bangladesh with our partner Summit Group in order to contribute to the country’s growing energy demand’, said the release. 
The scope of Summit, Mitsubishi and GE’s $ 3 billion investment project includes four units of 600 MW combined cycle power plants (total generating capacity of 2,400 MW), two units of on-shore LNG terminal with total of 380,000 m³ capacity, oil terminals with 100,000 MT capacity and another 300 MW HFO-based power plant, it said. 
Summit will be the majority owner of the project while Mitsubishi and GE will be owning the remaining, it also said. 
The project is designed to be completed by 2023 beginning from 2019. With implementation of this project in 2023, Summit will be doubling its generation capacity, the release also said. 

Aziz Khan at Singapore’s top rich list

16 August 2018 | Energy Bangla 
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Bangladeshi businessman and Summit Group Chairman Muhammed Aziz Khan is among Singapore’s richest people. 
With $910 million net worth, Khan ranks 34th among 50 richest people in the city state, according to a 2018 list published by Forbes. 
Khan, 63, has interests in power, ports, fibre optics and real estate. A Singapore permanent resident, Khan is planning to list Summit Power International on the Singapore exchange. 
His daughter, Ayesha Aziz Khan, runs Summit Power International, a Singapore-based company that now holds assets of at least 17 power plants in Bangladesh with total generating capacity exceeding 1,644 megawatts. 
Summit Power was originally established in Bangladesh as its first independent power producer in 1997. Summit reflected 21 percent of Bangladesh’s total private installed capacity and 9 percent of total installed capacity as of 2017, according to the company’s website. 
The Forbes list published on Jul 25 was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. 
Unlike Forbes’s billionaire rankings, this list includes family fortunes, including those shared among extended families such as that of Hong Leong Group’s Executive Chairman Kwek Leng Beng and his cousins. 
Net worth is based on stock prices and exchange rates as of the close of markets on Jul 13. Private companies were valued based on similar companies that are publicly traded. 
Singapore’s top 50 richest collectively recorded double-digit gains; their combined wealth is up 11 percent to close to $116 billion. 
There are three newcomers to the 2018 list, and Khan is one of them. The other two are Gordon Tang of property firm SingHaiyi Group and online gaming whiz Forrest Li, who listed his firm Sea on the NYSE in October. 
Khan started Summit as a trading firm but went on to focus on infrastructure. His source of wealth is power and self-made, Forbes mentioned in its report. 

Electricity production starts at Summit's Barisal plant

4 May 2016 | The Daily Star 
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Summit Barisal Power Ltd started commercial production of electricity in April, two months before the schedule. 
Summit started the Tk 575-crore project to produce 120MW of power in the first private power plant in Barisal in March last year, said Muhammed Aziz Khan, chairman of Summit Power Ltd. 
The plant will supply 110MW of electricity to the national grid, he said. 
The main power generation machinery of the plant was imported from Wartsila Finland, said SM Ali Ahsan, plant manager of Summit Barisal Power Ltd. 
The plant will help reduce outages, said Abdul Wadud, managing director of Summit Power Ltd. 

Summit LNG completes its 1st ship-to-ship transfer of LNG

26 May 2019 | Daily NewAge 
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‘Summit LNG’ received 1,59,000 cubic metres of LNG from tanker (on right) using flexible transfer hoses and after regasifying LNG supplied to the National Gas Grid via subsea pipeline. — New Age photo
Summit LNG completed its first ship-to-ship transfer of LNG at 6 km off Moheshkhali in Bay of Bengal successfully on Thursday, said a press release. 
Summit’s floating storage and regasification unit (FSRU) – ‘Summit LNG’ received 1,59,000 cubic metres of LNG from Oman Trading International, it said. 
The transfer was done using flexible transfer hoses. The LNG tanker ‘Creole Spirit’ carried LNG from Bethioua, Algeria. RPGCL (Rupantarita Prakritik Gas Co) on behalf of Petrobangla certified the completion of this transfer, said the release. 
The next STS transfer is due in early June 2019. 
Summit Group founder chairman Muhammed Aziz Khan said, ‘At Summit, we are grateful to receive the opportunity to prove the abilities of Bangladesh, on schedule implementation of power projects, LNG Projects and now terminalling’, the release also said. 
Petrobangla and RPGCL chairman Md Ruhul Amin commented, ‘We are very proud of the successful completion of Summit’s Ship-to-Ship LNG transfer commissioned by RPGCL on behalf Petrobangla’, said the release.

Summit Power receives ICSB Gold Award

12 November 2018 | Daily NewAge 
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Summit Power director Azeeza Khan and managing director Lt Gen (retd) Abdul Wadud receive gold award from finance minister Abul Maal Abdul Muhith at a programme titled ‘ICSB National Award-2017’ for the company’s corporate governance excellence in the fuel and power companies category organised by ICSB held at Radisson Blu Dhaka Water Garden in Dhaka on Saturday. BSEC chairman M Khairul Hossain, former finance advisor to the caretaker government ABM Mirza Azizul Islam, ICSB president Mohammad Sanaullah and senior vice-president Safiar Rahman and Summit Group vice-chairman Farid Khan were present, among others. — New Age photo
Summit Power has been awarded the gold award at ‘ICSB National Award’ for corporate governance excellence in ‘the fuel and power companies’ category, said a press release. 
 
This is the fourth time Summit Power received this recognition from the ICSB, it said. 
 
Summit Power director Azeeza Khan and managing director Lt Gen (retd) Abdul Wadud received the gold award from finance minister Abul Maal Abdul Muhith at a programme held at the Radisson Blu Dhaka Water Garden in Dhaka on Saturday. 
 
BSEC chairman M Khairul Hossain, former finance adviser to the caretaker government ABM Mirza Azizul Islam, ICSB president Mohammad Sanaullah, ICSB senior vice-president Safiar Rahman, Summit Group vice chairman Farid Khan and financial controller and company secretary Swapon Kumar Pal were present at the programme, among others. 
 

Summit, GE, Mitsubishi unveil $3b energy investment in Bangladesh

12 July 2018 | Daily NewAge 
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Representatives of Summit Corporation, General Electric Company of the US and Mitsubishi Corporation of Japan in Dhaka on Wednesday sign a deal to invest $3 billion in private power sector of Bangladesh. — New Age photo
Bangladesh-based independent power producer Summit Corporation Limited along with Mitsubishi Corporation and General Electric Company on Wednesday announced a $3 billion foreign direct investment for the establishment of four combined cycle power plants in Bangladesh. 
Each power plant with 600MW generation capacity would start power generation by 2023, according to a memorandum of understanding signed between the respective parties at a city hotel. 
The event was held in continuation with an earlier memorandum signed on March 13 in presence of prime minister Sheikh Hasina during her visit to Singapore. 
At Wednesday’s event, prime minister’s energy adviser Tawfiq-e-Elahi Chowdhury said that completion of the projects would help to bring almost all the households under power supply coverage by 2024. 
State minister for power, energy and mineral resources Nasrul Hamid said that Bangladesh needed more private investment to raise the power generation capacity to 60,000MW. 
Summit chairman Muhammad Aziz Khan claimed that the project would facilitate best technology at world’s lowest tariff to meet increasing demand of power supply for people and businesses. 
General Electric Company president and chief executive officer Russel Stokes said that GE’s 9HA gas turbines would ensure high levels of efficiency to strengthen Bangladesh’s power generation. 
Power division secretary Ahmad Kaikaus, energy and mineral resources division secretary Abu Hena Rahmatul Muneem, Bangladesh Power Development Board chairman Khaled Mahmood, among others, were present. 
Later at Bidyut Bhaban, another memorandum was signed between Bangladesh Power Development Board and General Electric Company for the installation of 3600MW LNG-based power plant at Maheshkhali in Cox’s Bazar. 
Khaled Mahmood and Russel Stokes signed the memorandum for the project that would cost $4.4 billion. 

Aziz recognised as the ‘Global Asian of the Year 2018’

29 January 2019 | Daily NewAge 
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Summit Group chairman Muhammed Aziz Khan receives the ‘Global Asian of the Year 2018’ award from Singapore member of parliament (West Coast GRC Boon Lay) Patrick Tay, under the ‘power and energy’ category at an awarding ceremony held at the tenth edition of AsiaOne Summit titled ‘Pride of Asia – Asian Business & Social Forum 2019’ at Marina Bay Sands Hotel in Singapore on January 21. — New Age photo
Summit Group chairman Muhammed Aziz Khan has been recognised as the ‘Global Asian of the Year 2018’ under the ‘Power & Energy’ category by AsiaOne magazine for his contribution to the sector and industry, said a press release on Monday. 
The award ceremony was held at the Tenth Edition of AsiaOne Summit ‘Pride of Asia – Asian Business & Social Forum 2019’ on January 21 at Marina Bay Sands Hotel in Singapore. 
AsiaOne stated that Muhammed Aziz Khan was the pivotal force of the largest infrastructure conglomerate in Bangladesh – the Summit Group of companies. 
Starting his business with zero capital, Aziz has been listed among the richest in Singapore by Forbes in 2018, said the press release. 
This selection is based on primary and secondary research across 16 industries under 62 sub categories in Asia, with the evaluation and scoring from independent jury members, united research services international primary and secondary data collation, and the AsiaOne editorial team.

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