Crown LNG Holdings, a provider of liquefaction and regasification terminal technologies for harsh weather locations, has concluded acquisition agreements related to two liquefied natural gas (LNG) import terminal projects, one in India and the other one in Scotland’s Firth of Forth.
Crown LNG claims that the Kakinada and Grangemouth LNG import terminal assets form the basis of its entry into the global LNG infrastructure network. While the KGLNG agreement finalizes the acquisition of all shares in the company that owns the operating license for the planned LNG import terminal in India’s Kakinada, the Grangemouth agreement does the same for the LNG import terminal assets in Scotland’s Grangemouth from GBTron Lands .
Located on the East coast of India, the Kakinada project is licensed to operate 365 days a year, which the firm describes as “a first for the harsh weather prone area.“ The imported gas from the planned terminal is anticipated to reach demand centers via the east-west pipeline, helping to support the Indian government’s drive to more than double the share of natural gas in the country’s energy mix to 15% by 2030. The total consideration for the KGLNG acquisition is to be made in shares of Crown LNG equal to $60 million.
On the other hand, the Grangemouth project, located on the east coast of Scotland, is said to seek to support the UK’s increasing drive for energy security post-Brexit and in the context of geopolitical impacts on energy markets, according to the company.
Currently, the UK relies on just three facilities for all of the country’s LNG imports, which increased 74% from 2021 to 2022. The total consideration for the GBTron acquisition will be made in shares of Crown LNG equal to $25 million.
Swapan Kataria , Chief Executive Officer of Crown LNG, commented: “We are excited and proud to announce the execution of these two transactions and move these two projects down the path. With Crown LNG and our subsidiaries now firmly in control of the Kakinada and Grangemouth projects, we look forward to driving the success of these two transformative projects for both India and the UK.”
The company underscores its dedication to delivering LNG liquefaction and regasification terminal infrastructure solutions services that cater to the evolving needs of the under-served markets across the globe.
“As we focus on expanding our operations in Europe and South Asia, we continue to forge strategic partnerships and explore new opportunities to provide efficient and reliable solutions,” highlighted Crown LNG.
The firm postponed the final investment decision (FID) for its planned and fully owned floating liquefied natural gas (FLNG) import terminal in Scotland after picking the UK-based IKM Engineering & Environmental Consultants as its design and engineering partner for the project.