Page 146 - CW E-Magazine (27-8-2024)

Hydrocarbons

DIVESTMENT
Swan Energy to sell stake in FSRU to Turkey’s Botas

for $399-mn

Nikhil Merchant-led Swan Energy ment term sheet on December 31, 2022
Ltd. has said it plans to sell its stake with Botas Trading IC for chartering
in a fl oating LNG receipt terminal to of the FSRU on Bareboat basis, for
Turkey’s state-run natural gas fi rm, a period of at least 304 days, starting
Botas, for $399-mn. The company plans from January 2, 2023.
to sell assets of its subsidiary, Triumph
Offshore Pvt. Ltd., to Botas Trading IC, The Jafrabad port and terminal is
according to a regulatory fi ling. owned by another Swan subsidiary
Swan LNG Pvt. Ltd. Swan Energy is the
“The defi nitive documents shall be be reconverted into its gaseous stage lead promoter with 63 percent equity
signed in due course,” it said, adding at the FSRU before being transported stake. The government of Gujarat has
the deal is likely to be completed in six through an under-sea pipeline to onland 26 percent stake (15 percent by GMB
months. The sale consideration is to be for further sale to users. and 11 percent by GSPL), and 11
received in multiple tranches over an percent stake is held by the Indian subsi-
unspecifi ed period. However, the terminal commissioning diary of Mitsui OSK Lines (MOL),
was delayed due to pandemic and Japan, which is also the technical partner
Triumph Offshore Pvt. Ltd. (TOPL) cyclone in 2022, and so Swan leased of the project.
owns a 5-million tonne-a-year fl oating out the FSRU to Botas for an initial
storage and regasifi cation unit (FSRU) period of 304 days. The 10-million tonnes a year facility
called ‘Vasant-1’. Swan Energy holds terminal has signed a capacity booking
51 percent in TOPL, while fertiliser TOPL took delivery of ‘Vasant-1’ agreement with state-owned oil fi rms.
maker IFFCO the remaining 49 percent. on September 29, 2020 from Hyundai According to Swan, the port is to be
The fi ling did not say if IFFCO is also Heavy Industries Shipyard. “Post-deli- operated on a tolling model.
offl oading its stake. very of FSRU, it was put on charter hire
with charterer for its interim utilisation Gujarat State Petroleum Corp
LNG import facility as LNG carrier till Jafrabad LNG port (GSPC) has booked 1.5-million tonnes
Swan is building a liquefi ed natural is ready, which has yielded decent a year of the terminal capacity while
gas (LNG) import facility at Jafrabad revenue generation and saving of parking Bharat Petroleum Corporation Ltd.
in Gujarat. In the initial phase, gas was charges,” the company said in its annual (BPCL), Indian Oil Corporation (IOC)
to be imported in its liquid form after report. and Oil and Natural Gas Corporation
being super-cooled (called LNG) at the (ONGC) have booked one million tonne
fl oating terminal. The liquid gas was to TOPL entered into a heads of agree- each for 20 years.

GROWTH PLANS
RIL plans to drill four wells in KG-D6 to enhance

gas production

Reliance Industries Ltd. (RIL), The oil-to-chemicals major, who on (bcf) of the commodity, touted as the best
which accounts for 30 percent of an average produced around 27-million energy transition fuel.
India’s natural gas production, has pro- standard cubic metres per day (mscmd)
posed to drill four wells in the Satellite gas from its three clusters in KG-D6 “Based on the comprehensive
and R-Clusters at KG-D6 to enhance during FY24, expects to incrementally assessment undertaken with more than two
the production of natural gas. recover around 240-billion cubic feet years of production data, three additional

146 Chemical Weekly August 27, 2024

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