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Informist, Wednesday, Dec. 17, 2025

 

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--Sources: Swan Corp seeks to commission Gujarat LNG terminal by mid-2026
--Sources:Swan Corp mulls leasing floating storage unit to start LNG terminal
--CONTEXT: Swan Corp building 5 mtpa LNG project in Gujarat since 2013
--Sources: Swan Corp may take floating unit on long-term lease
--Sources: Swan Corp may pay INR 20 mln per day to lease floating unit

 

By Sunil Raghu

 

AHMEDABAD - Swan Corp. Ltd. plans to lease a floating storage and regassification unit, with an aim to start operations at its upcoming liquefied natural gas terminal in Gujarat by mid-2026, two state government officials in the know said.

 

The company's subsidiary, Swan LNG Pvt. Ltd. has been working on a greenfield 5 million tonne per annum LNG port project at Jaffrabad in Amreli district of Gujarat since 2013. The project has seen multiple delays as the Gujarat Maritime Board has declined the company's requests to start operations citing lack of requisite infrastructure, the state government officials said.

 

The key for Swan Corp. to be able to "safely" start operations at the LNG terminal is to have a 2,200 metre breakwater across its jetties for LNG tankers, sources said. "Swan LNG has almost completed work on the breakwater and may be able to complete it before monsoons in 2026. This would make berthing of LNG tankers relatively safer even in monsoons," the official said.

 

The Jaffrabad project will have LNG port facilities that utilise floating storage and regassification unit to receive, store, regassify and transport the LNG. The floating unit is generally used as a fast-track solution to import LNG, as it stores and regassifies the LNG to deliver high-pressure natural gas to the shore. It can also load small quantities of LNG onto trucks, barges or trains for regional needs.

 

Swan Corp. had earlier bought a floating storage and regassification unit but leased it out later to Turkey's Botas at $250,000 per day, or around $91 million a year. The company had done so claiming the arrangement was "strictly temporary" in nature and as commissioning of the floating storage and regassification unit project at Jaffrabad was getting delayed. The company was reported to have eventually sold off the floating storage and regassification unit at about $400 million. The company will now lease another floating storage and regassification unit and operationalise the Jaffrabad terminal.

 

According to one of the officials, Swan Corp. may enter into a long-term lease agreement for the floating storage and regassification unit for which it may have to shell out about INR 20 million per day. "Swan Corp. already has a use-or-pay contract with ONGC, Indian Oil, BPCL and GSPC (Gujarat State Petroleum Corp. Ltd.) for 4.5 mtpa LNG," another official said. "This makes the project commercially viable."

 

Once commissioned, Jaffrabad would be the fifth LNG terminal to become operational in Gujarat, after Petronet LNG Ltd.'s 17.5 million tonnes per annum terminal at Dahej, Hazira LNG Ltd.'s 6.8 million tonnes per annum capacity LNG terminal at Hazira, GSPC LNG Ltd.'s 5 million tonnes per annum capacity LNG terminal at Mundra, and Hindustan Petroleum Corp. Ltd.'S 5 million tonnes per annum terminal at Chhara.

 

On the National Stock Exchange, shares of Swan Corp. closed over 3% higher at INR 474.80.  End

 

US$1 = INR 90.38

Edited by Ashish Shirke

 

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