Swan Energy partners US co Nebula’s unit for gas venture – Newz9

MUMBAI: Billionaire Nikhil Merchant-owned Swan Energy has joined arms with AG&P Terminals & Logistics of US-based Nebula Energy to kind a liquefied pure gas (LNG) and gas logistics ventures in India. Swan will personal 51% within the LNG provide unit, whereas AG&P will maintain the remaining 49%. This unit intends to produce LNG inside India or different jurisdictions, the Indian firm stated in a regulatory submitting. Merchant acquired Swan Energy, beforehand often called Swan Mills in 1992, and in 2021, he acquired Anil Ambani’s bankrupt Reliance Naval and Engineering.
Additionally, AG&P will purchase a stake in Swan Energy’s LNG regasification terminal. The two corporations may even set up a separate joint venture for a floating storage and regasification unit (FSRU), with AG&P holding 51% and Swan Energy proudly owning 49%.
FSRU vessels facilitate LNG switch by means of oceanic routes. These vessels are important as pure gas transported in liquid kind by way of sea requires reconversion to its gaseous state earlier than storage tank switch.
Both events will conduct due diligence earlier than finalizing the phrases and circumstances of those joint ventures, Swan Energy added. On Friday, Swan Energy’s shares closed at Rs 740 per share on the BSE, displaying a decline of roughly 3%.