• PSU oil cos book 60% floating terminal capacity of Swan Energy

    ONGC, IOC and BPCL have booked 60 per cent of the capacity of Swan Energy Ltd’s upcoming floating LNG terminal off the Gujarat coast, giving the Nikhil Merchant-led firm much-needed backing to complete the Rs 56 billion project. Oil and Natural Gas Corp (ONGC), IOC and Bharat Petroleum Corp Ltd (BPCL) have agreed to take one million tons per annum capacity each on the 5 million tons a year floating LNG terminal planned at Jafrabad port in Gujarat, sources privy to the negotiations said.

    Gujarat State Petroleum Corp Ltd (GSPC) too is in talks to take 1.5 million tons capacity in the floating, storage and regasification unit (FSRU). The companies hiring the capacity will bring their own LNG from abroad and pay Swan a tolling fee. Swan Energy is building the project in joint venture with Exmar of Belgium.

    The company had last year secured all necessary permits for the project and the state-owned firms agreed to hire 60 per cent capacity of the terminal on tolling basis for importing their own gas will help Swan take the final investment decision and tie-up project financing. Antonio Gates Authentic Jersey

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