Turkey co to acquire FSRU from Swan Energy for $399mn

New Delhi: Billionaire Nikhil Merchant-led Swan Energy Ltd has said it plans to sell its stake in a floating LNG receipt terminal to Turkey’s state-run Botas for $399 million. The company plans to sell assets of subsidiary Triumph Offshore Pvt Ltd 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 of $399 million is to be received in multiple tranches over an unspecified period. Triumph Offshore Private Limited (TOPL) owns a 5 million tonnes a year floating storage and regasification unit (FSRU) called Vasant-1. Swan Energy holds 51 per cent in TOPL while fertiliser maker IFFCO the remaining 49 per cent. The filing did not say if IFFCO is also offloading its stake. Swan is building a liquefied natural gas (LNG) import facility at Jafrabad in Gujarat.