Indian Tata to Take Swan FSRU Stake

After roping in the government of Gujarat in western India as an investor in its proposed floating LNG import terminal, Swan Energy January 17 announced that Tata Realty and Infrastructure has expressed interest in picking up 10% equity in the project.

It would be the first investment in an energy project by Tata Realty, set up in 2007 and wholly-owned by Tata Sons, holding company of the Tata Group. 

Swan is proposing to develop a 5mn metric ton/yr LNG terminal with ancillary structures for its FSRU project at Jafrabad, Gujarat.

The company said last month its wholly-owned Swan LNG received approval from the Gujarat Maritime Board to start work on the project. Swan is building the FSRU in collaboration with Belgian shipowner Exmar, which has 38% stake in the project. The Gujarat government's stake is 26%.

ONGC, Indian Oil Corp and Bharat Petroleum Corp have already booked 60% of the capacity. The three India state-owned firms plan to import 1mn mt/yr of their own LNG and pay Swan a tolling fee.

Last month, Swan also inked a memorandum of understanding for the development of Iran's 20 trillion ft³ Sephied Baghun gas field. 

Shardul Sharma