Swan Energy to Sell LNG Terminal Stake to Turkey's Botas for $399 Million
Swan Energy Ltd is selling its stake in a floating LNG terminal to Turkey's Botas for $399 million. The assets belonging to its subsidiary, Triumph Offshore Pvt Ltd, include a floating storage and regasification unit. The deal, expected to finalize in six months, will be conducted through multiple tranches.
![Swan Energy to Sell LNG Terminal Stake to Turkey's Botas for $399 Million](https://devdiscourse.blob.core.windows.net/aiimagegallery/15_08_2024_07_36_59_867147.png)
- Country:
- India
Swan Energy Ltd, led by billionaire Nikhil Merchant, has announced plans to sell its stake in a floating LNG terminal to Turkey's state-run Botas for $399 million.
The company stated in a regulatory filing that it will sell the assets of its subsidiary, Triumph Offshore Pvt Ltd, to Botas Trading IC. The arrangement is anticipated to be finalized in six months.
The sale involves a 5 million tonnes a year floating storage and regasification unit (FSRU) named Vasant-1, in which Swan Energy holds a 51% stake.
(With inputs from agencies.)
Advertisement
ALSO READ
Eli Lilly Expands U.S. Sales of Zepbound Amid Rising Demand, Shortages
Foreign-Branded Smartphone Sales Surge in China
Arla Reports H1 Sales Dip But Ups Full-Year Revenue Forecast
NBCC Completes Sale of Rs 14,800 Crore Commercial Properties in Delhi
The Westin Chennai Velachery Welcomes New Sales and Marketing Director