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According to a Crown LNG statement, the non-binding MOU provides a framework for LNG cargoes traveling through Crown’s regasification terminal to be listed, marketed, and sold on the IGX, India’s first automated national-level trading platform.
Under the agreement, IGX will drive market awareness through workshops and industry engagement initiatives, encouraging wider participation in gas trading, it said.
Moreover, Crown LNG noted it will collaborate closely with IGX on LNG cargo arrivals and sales, ensuring a stable and efficient supply chain.
Together, they aim to “unlock new opportunities in India’s energy sector and reinforce the role of natural gas as a key driver of sustainable economic growth.”
“Both organizations will explore further areas of cooperation to accelerate India’s 15 percent gas-based economy target by 2030, as envisioned by Prime Minister Narendra Modi,” Crown LNG said.
FID in 2026
Swapan Kataria, Crown LNG CEO said this collaboration will offer Crown a “unique position to sell gas to a large base of producers, traders, and offtakers throughout India.”
“We believe this agreement is the first of several that will address the lack of supply for the eastern coast of the fourth largest LNG importer in the world,” he said.
The Kakinada terminal has received an approved total import capacity of 7.2 mtpa and it is expected to be worth about $1 billion.
Crown LNG said it expects to achieve a final investment decision for the project in 2026 and to deliver first gas in 2029.
In November 2024, Crown LNG completed two strategic acquisition deals forming the basis of its entry into the global LNG infrastructure network.
The first agreement finalized the acquisition of all shares of KGLNG, which owns the operating license for the company’s planned Kakinada LNG import terminal, while the second deal finalized the acquisition of LNG import terminal assets in Grangemouth, Scotland, from GBTron Lands.
Total consideration for the KGLNG acquisition will be made in shares of Crown LNG equal to $60 million, while total consideration for the GBTron acquisition will be made in shares of Crown LNG equal to $25 million, the firm said at the time.
Worth mentioning here, in July 2024, Crown LNG and Catcha Investment completed their deal for a business combination.
This combination resulted in Crown LNG becoming a US publicly listed company.