Summit Seeks Return to Energy Sector Amid Bid for Govt Reconciliation, Faces Fresh Scrutiny
Summit Group, once the largest private beneficiary of Bangladesh’s power and energy sector under the previous Awami League government, has reportedly launched a renewed effort to regain its influence through parallel initiatives at home and abroad.
The conglomerate is seeking to rebuild ties with the current government .
In a recent move, Summit LNG Terminal Company Ltd., a subsidiary of Summit Group, wrote to Petrobangla this month requesting the reinstatement of the cancelled third floating liquefied natural gas (LNG) terminal project. In the letter, the company expressed its willingness to reach an amicable settlement with the government, claiming it could complete the project within 18 months if the contract is restored. Summit also proposed withdrawing its pending High Court petition if a negotiated settlement is reached, according to sources.
The previous Awami League government awarded the third floating LNG terminal project to Summit on March 30, 2024, under a special legal provision without competitive bidding. The terminal was scheduled to begin operations in November 2026. However, following the change in government, Petrobangla cancelled the contract on November 7, 2024, citing allegations of corruption and procedural irregularities. Summit subsequently challenged the decision before the High Court.
During a hearing on July 13, Summit sought additional time to pursue an out-of-court settlement with Petrobangla, but the court declined the request. The next hearing is scheduled for mid-August.
Government officials familiar with the developments said that despite the ongoing legal battle, Summit has intensified contacts with different levels of the administration in an apparent attempt to restore its position in the country’s power and energy sector.
At the same time, the company has reportedly become active overseas. Multiple sources alleged that Summit Chairman Muhammad Aziz Khan met Yukio Kani, Chairman and Chief Executive Officer of Japan’s power giant JERA, on April 8. Although no official details of the meeting were disclosed.
Energy sector analysts described the allegation as a matter of concern, noting that Japan remains one of Bangladesh’s largest investors in power, LNG and infrastructure. They warned that any attempt to undermine international confidence in Bangladesh’s investment climate could adversely affect future foreign direct investment.
Meanwhile, the Anti-Corruption Commission (ACC) has intensified its investigation into Summit Group over allegations of large-scale corruption in the power sector. As part of the inquiry, the commission last Thursday sought documents from the Bangladesh Power Development Board (BPDB) and the Bangladesh Petroleum Corporation (BPC), directing the agencies to submit the requested information by July 30.
Earlier investigations by the ACC reportedly identified assets worth around Tk 711 crore linked to Summit Chairman Muhammad Aziz Khan, his wife Anjuman Aziz and their daughter Ayesha Aziz. Acting on court orders, authorities have frozen 191 bank accounts associated with the family, while efforts are also underway to trace and recover Summit-linked assets abroad.
Officials involved in the investigation said Summit was among the biggest beneficiaries of the previous government’s power policy, securing multiple power plants, LNG terminals and other major projects under special legal provisions without competitive tenders. Although the company’s core business operations are in Bangladesh, its headquarters was later relocated to Singapore.
The developments have raised questions over how the company is seeking to re-enter the power and energy sector while investigations into alleged corruption, money laundering and tax irregularities remain ongoing. Allegations that it has attempted to project a negative image of Bangladesh’s investment environment overseas have added further concern among policymakers and industry observers.
Experts say the government’s key challenge will be to maintain the confidence of foreign investors while ensuring that companies facing serious allegations do not regain undue influence over policymaking.
