Page 48 - Construction_Opportunities_August_2024

INTERNATIONAL TICKER TAPE

SWAN ENERGY TO SELL LNG TERMINAL TO TURKEY’S as outlined in the company’s annual report.
BOTAS FOR $399 MILLION On December 31, 2022, TOPL signed a heads of agreement term
Nikhil Merchant-led Swan Energy Ltd announced plans to sell its sheet with Botas Trading IC for the bareboat chartering of the FSRU
stake in a floating LNG receipt terminal to Turkey’s state-run Botas for at least 304 days, starting January 2, 2023.
for $399 million. The assets of its subsidiary, Triumph Offshore Pvt The Jafrabad port and terminal are owned by another Swan
Ltd (TOPL), will be sold to Botas Trading IC, according to a recent subsidiary, Swan LNG Pvt Ltd. Swan Energy is the lead promoter
regulatory filing. with a 63% equity stake, while the government of Gujarat holds
“The definitive documents shall be signed in due course,” 26% (15% by GMB and 11% by GSPL), and the Indian subsidiary of
the company stated, adding that the deal is expected to be Japan’s Mitsui OSK Lines (MOL) holds 11% and serves as the project’s
completed within six months. The sale consideration will be received technical partner.
in multiple tranches over an unspecified period. The 10 million tonne-per-year terminal has signed a capacity
TOPL owns a 5 million tonne-per-year floating storage and booking agreement with state-owned oil firms. Gujarat State
regasification unit (FSRU) named Vasant-1. Swan Energy holds a Petroleum Corp (GSPC) has booked 1.5 million tonnes per year of
51% stake in TOPL, while fertilizer maker IFFCO owns the remaining capacity, while Bharat Petroleum Corporation Ltd (BPCL), Indian Oil
49%. The filing did not specify whether IFFCO would also be selling Corporation (IOC), and Oil and Natural Gas Corporation (ONGC)
its stake. Swan Energy is constructing a liquefied natural gas (LNG) have each booked 1 million tonnes per year for 20 years. The port
import facility at Jafrabad in Gujarat. Initially, the plan was to is to be operated on a tolling model, according to Swan.
import LNG—super-cooled liquid gas—via the floating terminal,
reconvert it to its gaseous state at the FSRU, and transport it through FILATEX FASHIONS’ SUBSIDIARY SECURES `293 CRORE
an undersea pipeline to onshore users. However, delays in terminal EXPORT ORDER
commissioning due to the pandemic and a cyclone in 2022 led Filatex Mines and Minerals, a subsidiary of Filatex Fashions, has
Swan to lease out the FSRU to Botas for an initial period of 304 days. landed a significant export order worth $35 million (`293 crore)
TOPL took delivery of FSRU Vasant-1 from Hyundai Heavy Industries from Bloomflora Ventures. The order involves supplying 2.97 tonnes
Shipyard on September 29, 2020. The FSRU was initially chartered as of white marble over the next seven years for the construction of 54
an LNG carrier, generating revenue and saving on parking charges, hospitals across Africa.

48 CONSTRUCTION OPPORTUNITIES|AUGUST 2024