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Gujarat State Petroleum Corp News

18 Sep 2017

Mitsui OSK Targets 26% Stake in Swan's Indian LNG Unit

Japan's leading shipper Mitsui OSK Lines aims to buy at least a 26 percent stake in a floating storage regassification unit (FSRU) in India, a company official said, to boost its exposure in the west coast project of Swan Energy. Swan Energy is building a 5 million tonnes a year FSRU and floating storage unit (FSU) at Jafrabad in western Gujarat state, with Mitsui awarded a long-term contract for operation and maintenance services. "We have until end-2019, by when the project will be completed, to buy at least 26 percent in Triumph Offshore," Senior Managing Executive Officer Takeshi told Reuters on Monday, referring to the Swan subsidiary that will control the $260 million FSRU. Swan aims to commission the project in the first quarter of 2020, he added.

06 Aug 2017

IOC to Acquire 50% Stake in Mundra Terminal

India's state-owned Indian Oil Corporation Ltd. on Friday said it will acquire up to 50 percent stake in Adani Group-backed Gujarat State Petroleum Corp (GSPC) Mundra LNG import terminal in Gujarat for an estimated INR 756 crore (USD 118 million). According to the Press Trust of India, GSPL LNG is a joint venture of Gujarat State Petroleum Corp and Adani Enterprises. Adani and GSPC are equal partners in GSPL LNG. The board of India’s largest oil firm gave “in-principle approval for acquiring up to 50% equity in GSPL LNG Ltd, which is setting up a 5 million tons per annum LNG terminal at Mundra Port in Gujarat”, the company said in a statement. GSPL LNG Ltd will hold the remaining 50% stake in the LNG terminal that is nearing completion. IOC did not specify the deal value.

22 Sep 2016

IOC Eyes GSPC's Stake in Mundra LNG terminal

Indian Oil Corp. Ltd (IOC) wants to buy debt-laden Gujarat State Petroleum Corp.’s (GSPC) entire stake in the in the under-construction Rs 4,500 crore ($672 million) GSPC-Adani liquefied natural gas (LNG) terminal in Mundra, Gujarat, reports Livemint. GSPC is looking to exit the 5 million tonnes a year LNG import terminal project, which is likely to be completed by mid-2017, says sources. GSPC LNG Ltd, a unit of GSPC, holds a 50% stake in the project with the Adani Group owning 25%; the remaining 25% has been earmarked to be sold to a strategic partner. “We received an offer from GSPC LNG Ltd to buy their 50% stake in the Mundra terminal. But post that communication we haven’t heard from GSPC,” a senior Indian Oil official said on condition of anonymity.

19 Aug 2016

Swan Sells 60% of FLNG Terminal Capacity

Indian public sector oild giants Oil and Natural Gas Corp (ONGC), Indian Oil Corporation (IOC)  and Bharat Petroleum Corp Ltd (BPCL) have booked 60 per cent of the capacity of Swan Energy Ltd. (SEL)'s upcoming floating Liquefied natural gas (LNG) terminal off the Gujarat coast. ONGC, IOC and BPCL have agreed to take one million tonnes per annum capacity each on the 5 million tonnes a year floating LNG terminal planned at Jafrabad port in Gujarat, sources privy to the negotiations said. The upcoming Nikhil Merchant-led company's floating LNG terminal at Gujarat coast, would surge the demand for LNG in western & northern region of India. The project cost is pegged at  $837 million.

25 Jul 2016

IOC Mulls Buying GSPC's Stake in Mundra Terminal

Indian Oil Corporation (IOC), the country's largest oil company,  is in talks to buy debt-laden Gujarat State Petroleum Corp’s (GSPC) stake in the under-construction Rs.4,500 crore ($669 million) Mundra LNG import terminal, according to PTI. IOC is keen to buy a stake in Mundra terminal but does not want GSPC to exit the project completely. IOC wants the state government entity to remain as a part of the project for smooth operations, sources said. GSPC is looking to exit the 5 million tonnes a year LNG import terminal project, which is likely to be completed by mid-2017. It has offered its 50 per cent stake in the terminal to IOC. GSPC LNG - a unit of GSPC - holds 50 per cent interest in the project.

18 Jul 2015

Stiff Challenges Await Indian LNG Terminals

India's new LNG import terminals will face major challenges due to price sensitive demand, ICRA said in its latest update on gas utilities sector. "Crowding of regasification terminals could put pressure on utilization levels, regasification charges and returns of new entrants," says ICRA (formerly Investment Information and Credit Rating Agency of India Limited). "Despite high domestic demand-supply deficit, the demand for Regasified-Liquefied Natural Gas (R-LNG) in the country is critically dependent upon the prices of liquid fuels and global spot LNG prices," Icra said. Gas demand is expected to increase to 330 million standard cubic meters per day (mmscmd) by 2024-25, while domestic natural gas production will rise 60 per cent to about 150 mmscmd.

20 Jan 2006

Shell, Total Sign Accord to Sell LNG

Royal Dutch Shell Plc, Europe's second-biggest oil company, and Total SA signed an initial accord to sell as much as 2 million metric tons a year of liquefied natural gas to Gujarat State Petroleum Corp., as reported by Bloomberg. As much as 500,000 metric tons a year of the gas will be supplied from the Gorgon LNG venture in Western Australia. Deliveries may start in 2010. Shell owns 25 percent of the Chevron Corp.-operated Gorgon venture, which so far has initial accords to sell LNG to customers in Japan and Mexico. Shell hasn't specified where the rest of the LNG volumes it will supply to India will come from, or how many years the agreement will last. (Source: Bloomberg)