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Swan Energy Ltd, an emerging energy entity in India, through its subsidiary company Swan LNG Pvt. Ltd (SLPL), has awarded an Engineering, Procurement and Construction (EPC) contract of $316 million, for constructing the first-of-its-kind LNG terminal at Jafarabad in Gujarat, to National Marine Dredging Company (NMDC), a national firm of the UAE.
SLPL is developing this state-of-art, India’s first all-weather Floating Storage and Regasification Unit (FSRU)-based LNG import terminal with an initial capacity of 5 million tonnes per annum (mtpa), expandable up to 20 mtpa. Of the initial 5 mtpa, oil and gas public sector companies, i.e. IOCL, BPCL, ONGC and GSPC, have reserved 4.5 mtpa capacity on Use or Pay basis for the next 20 years.
This project award marks a new milestone in the strategic relationship between India and the UAE. The Indian arm of NMDC, National Marine & Infrastructure India Pvt. Ltd, has already begun construction works and targets to complete the project within three years, said a release.
IFFCO looking at 10 pc stake
Meanwhile, it is learnt that IFFCO is willing to invest up to 10 per cent of the equity in the project. Swan Energy is building the terminal in a joint venture with Exmar of Belgium, which has 38 per cent stake, the release added.
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