Swan Energy is likely to raise funds by July 2017 to set up a Rs 5,600 crore jetty-moored floating, storage and regasification unit (FSRU) at the upcoming Jafrabad LNG port in Gujarat.
Swan Energy, through the joint venture company Swan LNG, will develop the LNG port.
A lenders’ consortium will take the decision of allowing SEL to raise funds for the project by July 2017 end. SEL has already invested in the company through Swan LNG. The project is likely to be commissioned by the fourth quarter of FY 2019-20.
The port construction has already begun with engineering, procurement and construction (EPC) contracts being awarded by Swan LNG. The company is conducting a commercial assessment.
With one jetty-moored FSRU, the Jafrabad LNG Port's terminal will receive a load of five tpa. The terminal is further expected to see an expansion to 10 tpa through deployment of a second FSRU at the cost of USD 300 million.
The company has already finalised the FSRU design with a Korean firm and is expected to take delivery of the same by December 2018.