MoEF clearance to Pipavav LNG import terminal

Mumbai, 16 December 2013

Mumbai-based emerging green energy company, Swan Energy Ltd(SEL) (erstwhile SWAN Mills Ltd.) today announced that the it has received environment and CRZ clearance from the union ministry of environment and forests (MoEF) for its Floating Storage and regassification Unit (FSRU) – based LNG import terminal project near Pipavav, Gujarat.

State ports regulator, Gujarat Maritime Board (GMB) has selected the company as a developer for Greenfield LNG Port Terminal with FSRU at Jafrabad, Gujarat on built-own-operate-transfer (BOOT) basis.

The company is in the process of developing the first FSRU project for imports of LNG in India. The FSRU project is being implemented at existing Pipavav port in Gujarat. SEL, a listed company on Bombay Stock Exchange, is focused on energy sector for new investments with core business value of ‘Sustainable Development’.

For the September quarter, Swan Energy posted net profit of Rs 4 crore with net sales of Rs 81.73 crore. The company is currently undertaking a gas-based energy projects in Gujarat through 49% equity participation in special purpose company, Gujarat Pipavav Power Co (GPPC).