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Swan Energy said in a stock exchange filling dated July 31 it has received an intimation from its unit Triumph Offshore (TOPL) regarding a proposal in relation to the disposal/sale of the FSRU unit.
“The transaction is subject to the shareholders’ approval/signing of definitive documents, completion of customary closing conditions under the definitive documents, and receipt of regulatory approval as applicable on the subsidiary company,” it said.
Swan Energy said the proposed transaction will be placed before the board of directors and shareholders of the company for necessary approvals.
The company did not provide any additional information.
Charter with Turkey’s Botas
According to its AIS data, India’s first FSRU was on Thursday located in Saros Bay, Turkey.
As previously reported by LNG Prime, Turkey’s state-owned natural gas and LNG firm, Botas employed the FSRU Vasant 1 last year at its newly built LNG jetty in Saros Bay.
In February 2023, the Saros terminal received the FSRU on a one-year charter, and the terminal started commercial operations in April 2023, according to GIIGNL data.
This is Turkey’s third FSRU-based LNG terminal and the second for Botas that already operates the Dortyol facility, served by the 170,000-cbm Ertugrul Gazi, in the southern province of Hatay.
Swan Energy said in May last year it was waiting for approval from a consortium of banks to finalize its FSRU charter deal with Botas.
The company’s unit TOPL entered into a term sheet with Botas on December 31, 2022 to charter Vasant 1.
Also, the charter deal was for a period of one year at the hire charges of $250,000 per day, according to Swan Energy.
Initally, Swan Energy owned 51 percent in TOPL, while Indian Farmers Fertiliser Cooperative, also known as IFFCO, held 49 percent.
A separate filling to the stock exchange from June shows that Swan Energy bought the 49 stake in TOPL from IFFCO for about $52 million.
TOPL previously entered into a bareboat charter deal with Swan LNG, a unit of Swan Energy and the developer of the Jafrabad LNG import facility, to charter the FSRU for a period of 20 years.
This FSRU was built by South Korea’s Hyundai Heavy Industries for Swan Energy’s delayed Jafrabad facility in India. The terminal’s status remains unclear.