The cabinet committee on economic affairs in a meeting on Wednesday agreed in principle with a proposal to establish the third liquefied natural gas terminal by Summit Oil and Shipping Co Ltd.

The regasification capacity of proposed terminal at Moheshkhali would be 500 million cubic feet LNG per day, said additional cabinet secretary Sayed Mahbub Khan at the post meeting virtual briefing.

State owned Petrobangla submitted the proposal, he said.

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

He could not give any detail regarding the completion period of the terminal and its establishment cost.

Finance minister AHM Mustafa Kamal presided over the online meeting.

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 million cubic feet per day capacity while the other one was established with the same capacity by the Summit Group in the same area.