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 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.)