Swan Energy received an expression of interest from a Tata Group company, Tata Realty and Infrastructure, for 10 percent equity in Swan LNG, the company developing the FSRU-based LNG import terminal in Jafrabad, Gujarat.
In another filing to the Indian stock exchange, Swan Energy added it has increased the share capital of its unit, Swan LNG, from Rs 500,000 (Approx: US$7,348) to Rs 20 billion (Approx: $294 million).
In December last year, Swan Energy, through Swan LNG, received approval from Gurajat Maritime Board to begin construction works on the project.
The company executed an engineering, procurement and construction (EPC) contract for marine and dredging works, worth Rs. 21.15 billion (Approx. US$313.4 million) with National Marine & Infrastructure India Private (NMIIPL).
Works have already commenced with the completion expected within three years. According to the Swan Energy’s website, the proposed FSRU terminal will have a capacity of 5 mtpa of LNG.
It was reported in August that Swan Energy secured the required backing to complete the project, as India’s ONGC, IOC and BPCL booked 60 percent of the capacity in the project.
State-owned Oil and Natural Gas Corp, IOC and Bharat Petroleum Corp have each agreed to book one million tons of LNG capacity at the 5 mtpa project, with Gujarat State Petroleum Corp (GSPC) entering negotiations to book 1.5 million tons capacity in the FSRU.
In December 2016, Government of Gujarat decided to up its participation in the project by investing 26 percent in equity of Swan LNG’s project through Gujarat State Petronet Limited and Gujarat Maritime Board jointly.
Total investment in the project would reach Rs 59 billion (Approx: $867.2 million), with Swan Energy currently holding 36 percent equity in the project. The government of Gujarat owns a 26 percent stake while Exmar of Belgium owns 38 percent.
1 INR = 0.0146989 USD
LNG World News Staff