Swan Energy said on Friday it had signed a heads of agreement with AG&P Terminals &
Logistics (Singapore).
The two firms aim to incorporate a joint venture for the purpose of supplying LNG in India or any other jurisdiction.
Swan Energy will hold a 51 percent equity stake in the JV, while AG&P LNG will hold 49 percent.
According to Swan Energy, AG&P LNG will collaborate with the company for Swan LNG’s terminal for regasification of LNG.
There is also an option with AG&P LNG to have equity participation in Swan Energy’s LNG terminal, it said.
Moreover, the two companies aim to incorporate a joint venture vessel company for the purpose of providing a floating storage and regasification unit (FSRU) and a floating storage unit (FSU) to operate Swan Energy’s LNG terminal, Swan Energy said.
AG&P LNG will hold a 51 percent equity stake and Swan Energy will hold a 49 percent equity stake in the vessel JV.
Swan Energy said transactions shall be subject to due diligence from both the parties.
“The terms and conditions for the above transactions will be decided post due diligence by both the parties,” it said.
Jafrabad facility
In August, Swan Energy said it had agreed to sell its 2020-built 180,000-cbm FSRU, Vasant 1, to Türkiye’s state-owned natural gas and LNG firm Botas.
Botas is expected to pay $399 million in “multiple tranches over a period” to buy the FSRU owned by its unit Triumph Offshore (TOPL), the firm said,
India’s first FSRU is located in Saros Bay, Türkiye.
As previously reported, Botas employed the FSRU Vasant 1 last year at its newly built LNG jetty in Saros Bay.
This FSRU was built by South Korea’s Hyundai Heavy Industries for Swan Energy’s delayed Jafrabad facility in India.
The terminal’s status remains unclear.
According to Swan LNG’s website, the Jafrabad project includes setting up a 5 mtpa LNG terminal using an FSRU along with an FSU at Jafrabad in Amreli district of Gujarat.
The project includes a jetty and a breakwater, and it can be further ramped up to 10 mtpa in the future, Swan LNG said.
AG&P LNG’s expansion
In January, US investment and asset management firm, Nebula Energy, purchased an 80 percent stake in AG&P LNG from Singapore-based AG&P.
AG&P LNG has a “substantial growth pipeline” with a total of six LNG terminals in development with proposed capacity of 25 mtpa across several international growth projects, it previously said.
The company launched the first LNG import and regasification terminal in the Philippines last year, the Philippines LNG (PHLNG) import terminal located in Batangas Bay.
In May 2023, AG&P LNG commissioned the first import terminal in the Philippines following the arrival of the 137,500-cbm FSU Ish at the terminal’s jetty in Batangas Bay.
AG&P LNG and its consortium members won a large-scale 20-year contract for LNG infrastructure development from a unit of Indonesia’s state power company PLN in March this year.
Moreover, AG&P LNG and its partner Hai Linh are working to launch their Cai Mep LNG import terminal in Vietnam.
In March this year, AG&P LNG purchased a 49 percent stake in the $500 million facility from Vietnam’s Hai Linh.
Most recently, Venice Energy, the developer of the Outer Harbor LNG import project in the Port of Adelaide, has signed a deal with AG&P LNG to secure a converted FSRU for its planned project in South Australia.
