Swan Energy, Singapore’s AG&P Plan JV for LNG operations
Swan Energy has signed a preliminary agreement with Singapore’s AG&P Terminals & Logistics to form a joint venture for supplying liquefied natural gas in India and other countries, the company said in a regulatory filing on Friday.
Swan Energy will hold a 51% stake in the JV and AG&P LNG the remaining. AG&P LNG will also collaborate on Swan Energy’s LNG regasification terminal and will also have an option to take equity stake, the companies said.
The companies will also form another JV for a floating storage and regasification unit (FSRU) and a floating storage unit to operate Swan Energy’s LNG terminal. AG&P LNG will hold 51% stake in this JV with Swan holding the rest.
FSRU is a vessel that helps in transferring LNG through oceanic channels. The natural gas that is transported through the sea in liquid form needs to be reconverted into the original gaseous state before being pumped out into the storage tanks, and the FSRU helps in this process.
«Deal is subject to due diligence by both the parties, and terms will be finalized later,» Swan Energy said in a regulatory filing.
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