In a stock exchange filing, India’s energy developer Swan Energy said it plans to sell its stake in an FSRU terminal to Turkey’s state-run oil and gas company, Botas for $399 mill.
Swan Energy said it plans to sell assets in subsidiary, Triumph Offshore (TOPL) to Botas Trading, adding that the definitive documents will be signed in due course and that the sale is likely to be completed in six months.
The sale price will be received in multiple tranches over an unspecified period.
TOPL owns the 5 mill tonnes per year FSRU - ‘Vasant 1’. Swan Energy holds 51% in TOPL while fertiliser maker IFFCO has the remaining 49%, local sources said.
Swan is building an LNG import facility at Jafrabad in Gujarat state. In the initial phase, gas, which is used to make fertilisers, generate electricity and turned into CNG and cooking gas, was to be imported as LNG at the floating terminal.
LNG was to be reconverted into its gaseous stage by the FSRU before being transported through a under-sea pipeline ashore.
However, the terminal commissioning was delayed, due to pandemic and a cyclone in 2022, which resulted in Swan leasing out the FSRU to Botas for an initial period of 304 days.
