Nikhil Merchant-led Swan Energy Limited plans to sell its stake in a floating LNG receipt terminal to Turkey’s state-run BOTAS – Boru Hatlari Ile Petrol Tasima A.S. for $399 million, according to the company’s release.
The company plans to sell assets of subsidiary Triumph Offshore Private Limited to Botas Trading IC, according to a regulatory filing.
“The definitive documents shall be signed in due course,” it said, adding the deal is likely to be completed in six months.
The sale consideration is to be received in multiple tranches over an unspecified period. Triumph Offshore Private Limited (TOPL) owns a 5 million tonne-a-year floating storage and regasification unit (FSRU) called Vasant-1.
Swan Energy holds 51% in TOPL while fertiliser maker IFFCO the remaining 49%. The filing did not say if IFFCO is also offloading its stake.
Source: Port News
