Summit Group received in principal the approval of the Cabinet Committee on Economic Affairs to establish the third liquefied natural gas (LNG) terminal in the country.

The cabinet body in a meeting, with finance minister AHM Mostafa Kamal, gave the approval under which Summit Oil and Shipping Co Ltd., a concern of Summit Group, will set up the terminal at Mohedhkhali in Cox’s bazar.

The re-gasification capacity of the proposed terminal would be 500 million cubic feet LNG per day (mmcfd), said additional cabinet secretary Sayed Mahbub Khan at virtual briefing after the meeting.

State owned Petrobangla submitted the proposal, he said.

The approval would help the Petrobangla to start the establishment process of the terminal, he said.

The country already has two LNG terminals — one was set up by Excelerate Energy of the United Sates at Moheskhali of Cox’s Bazar with 500 mmcfd capacity while the other one was established with the same capacity by the Summit Group in the same area.