Dhaka, Oct. 8 -- The government has cancelled the deal with Summit Group over setting up of a new floating storage and regasification unit (FSRU), known as LNG (liquefied natural gas) terminal.

State-owned Bangladesh Oil, Gas and Mineral Corporation Petrobangla cancelled the agreement as per directive of the Energy and Mineral Resources Division of the Ministry of Power, Energy and Mineral Resources, reports UNB.

Petrobangla, sent a letter to Summit LNG Terminal II Co Ltd, a subsidiary of the Summit Group, signed by Ruchira Islam, the secretary of the organisation, dated on October 7.

The Summit Group had signed the agreement for the Terminal Use Agreement (TUA) and Implementation Agreement (IA) for installation of 3rd FSRU on March 30...