Crown LNG executes final agreements to acquire LNG import terminal assets
Published by Jessica Casey,
Editor
LNG Industry,
Crown LNG Holdings Ltd, a leading provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, has announced the conclusion of two strategic acquisition agreements forming the basis of Crown LNG's entry into the global LNG infrastructure network: KGLNG and Grangemouth. The KGLNG agreement finalises the acquisition of all shares of KGLNG, which owns the operating license for the Company’s planned LNG import terminal in Kakinada, India. The Grangemouth agreement finalises the acquisition of LNG import terminal assets in Grangemouth, Scotland, from GBTron Lands Ltd.
The Kakinada project, located on the East coast of India, is licensed to operate 365 days a year, a first for the harsh weather prone area. Imported gas from the planned terminal would reach demand centres via the East-West Pipeline, helping to support the Indian government’s drive to more than double the share of natural gas in the country’s energy mix to 15% by 2030.
Total consideration for the KGLNG acquisition will be made in shares of Crown LNG equal to $60 million.
The Grangemouth project, located on the East coast of Scotland, seeks to support the UK’s increasing drive for energy security post-Brexit and in the context of geopolitical impacts on energy markets. Currently, the UK relies on just three facilities for all of the country’s LNG imports, which increased 74% from 2021 to 2022.
Total consideration for the GBTron acquisition will be made in shares of Crown LNG equal to US$25 million.
“We are excited and proud to announce the execution of these two transactions and move these two projects down the path,” said Swapan Kataria, CEO of Crown LNG. “With Crown LNG and our subsidiaries now firmly in control of the Kakinada and Grangemouth projects, we look forward to driving the success of these two transformative projects for both India and the UK.”
Read the article online at: https://www.lngindustry.com/regasification/04112024/crown-lng-executes-final-agreements-to-acquire-lng-import-terminal-assets/
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