Singapore arm of Florida’s Nebula shakes hands with Swan Energy on LNG JV and infrastructure in India

Florida-headquartered Nebula Energy has revealed that its majority-owned AG&P LNG is continuing its gas expansion quest by striking a new deal to create a joint venture company in India with a local player in the liquefied natural gas (LNG) landscape. This paves the way for the Singapore-based firm to bolster its portfolio by joining the latter’s LNG regasification terminal in the Asian country.

While confirming AG&P LNG’s heads of agreement (HOA) with Swan Energy Limited (SEL), Nebula said the deal was inked to enable the duo to drive LNG innovation and supply.

Aside from partnering with the local firm to form an LNG logistics venture in India, which will supply LNG to the country, the U.S. firm highlights that its subsidiary will acquire a stake in the Swan LNG regasification terminal.

Thanks to the deal, SEL will hold 51% equity and AG&P LNG the remaining 49% in a new LNG supply company, which will focus on delivering LNG not only in India but also internationally.

In addition, the duo will create a vessel company, encompassing AG&P LNG (51%) and SEL (49%), to provide a floating storage and regasification unit (FSRU) and FSU services at Swan LNG’s terminal. The two players will also collaborate on regasification services.

Swan LNG claims it embarked on a greenfield LNG port project to tap into India’s increasing gas demand, as the project entails the development of LNG port facilities utilizing an FSRU for LNG receipt, storage, regasification, and send-out.

The firm’s terminal, with a regasification capacity of 10 million metric tons per annum (mtpa) of LNG, is located off the Jafrabad coast in Amreli district, on the southwest coast of Saurashtra region of Gujarat, between the Pipavav Port to the east and the Jafrabad Port to the west.

Triumph Offshore Private Limited, a subsidiary of Swan Energy, took delivery of Vasant 1, said to be India’s first FSRU, for operations at the LNG terminal at Jafrabad in Gujarat, in partnership with Indian Farmers Fertiliser Cooperative (IFFCO).

Last year, the FSRU, which comes with a capacity of 180,000 cbm, was leased to BOTAŞ under a one-year charter. The vessel is working at the Saros terminal in Türkiye.

“These agreements mark a significant step toward strengthening LNG infrastructure globally,” highlighted Nebula.

The deal with Swan Energy comes on the heels of AG&P LNG’s announcement about another acquisition, which will enable it to enter the Australian LNG playground by taking over Venice Energy, a developer of an import terminal project in South Australia.

Venice describes the project as the world’s first floating LNG (FLNG) import terminal powered by 100% renewable energy. The $300 million Outer Harbor LNG import terminal is set to be commissioned by Q1 2027.