Phoenix, Mayer Brown advise on India’s first FSRU charter

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Phoenix, Mayer Brown advise on India's first FSRU charter

Phoenix Legal advised Höegh LNG Holdings when it signed an agreement to charter a floating storage and regasification unit (FSRU) with H-Energy. Mayer Brown advised H-Energy, which is part of the Hiranandani Group, and did the deal through its subsidiary, Western Concessions.

The deal was announced on 19 November 2020 and closed on 1 February 2021.

Pointing out that the chartering of an FSRU was a first for India, Phoenix Legal partner Abhishek Saxena said it involved “working through lack of clarity to provide actionable advice”.

The firm’s team also included partner Pranav Srivastava, senior associate Nikhil Pareek and associate Aashna Kothiyal, while partner Gautam Bhatikar and associate Shruti Salian advised on shipping law.

The 10-year charter agreement has annual termination options after five years.

The FSRU is to be deployed at H-Energy’s liquefied natural gas regasification terminal project, at Jaigarh Port in Maharashtra. When commissioned, the terminal will be India’s first such facility.