Swan Energy confirms MOL’s participation in Jafrabad FSRU project

Swan Energy confirmed that Japanese shipper Mitsui OSK Lines grabbed an 11 percent stake in Swan LNG’s FSRU project in Jafrabad, Gujarat.

According to a stock exchange filing by Swan LNG’s parent company Swan Energy, a shareholders agreement was signed on October 17.

Following MOL’s acquisition, shareholders in the project include Swan Energy with a 63 percent stake, Gujarat Maritime Board (15 percent), Gujarat State Petronet (11 percent) and MOL, through its unit FSRU Venture India One Private Limited, with an 11 percent stake.

Through its unit, MOL will also be the technical partner for the implementation of the LNG project, the filing reads.

Swan LNG is developing India’s first floating storage and regasification unit (FSRU) based LNG terminal near Jafrabad in Gujarat, India.

The FSRU serving this project has been ordered by Swan Energy through its unit Triumph Offshore that signed a shipbuilding deal with South Korea’s Hyundai Heavy Industries.

Swan Energy noted in its stock exchange filing, that the overall cost for the project expected to start operation in early 2020 is at 40 billion Indian Rupees ($615.2 million).

1 INR = 0.0153803 USD

LNG World News Staff