Swan Energy to Divest Stake in LNG Terminal to Turkish Giant BOTAS for $399 Million
Swan Energy sells stake in LNG terminal to BOTAS, Indian oil & gas firm Swan Energy, LNG terminal deal worth $399 million
Swan EnergyLng TerminalBotasIndian Oil And Gas SectorEnergy SolutionsReal EstateAug 14, 2024
Swan Energy is the majority owner of Triumph Offshore Pvt Ltd (TOPL), the company that owns the LNG terminal in question. The fertiliser firm Indian Farmers Fertiliser Cooperative (IFFCO) controls the remaining stake, according to IFFCO's website.
Interestingly, Swan Energy had acquired a 49% stake in Triumph for a deal worth 4.4 billion rupees ($52.43 million) from IFFCO in June. This move highlights the company's efforts to expand its presence in the Indian oil and gas sector.
BOTAS, the Turkish state energy company, is expected to acquire a significant stake in the LNG terminal, marking its entry into the Indian market. The deal is subject to regulatory approvals and is expected to be completed in the coming months.
The sale of the stake in the LNG terminal is seen as a strategic move by Swan Energy to monetize its assets and focus on its core business. The company is expected to utilize the proceeds from the sale to reduce its debt and invest in new projects.
Information
Swan Energy is an Indian oil and gas company that operates in the exploration and production, refining, and marketing of petroleum products. The company has a significant presence in the Indian energy sector and is committed to providing energy solutions to its customers.
BOTAS is the Turkish state energy company responsible for the transmission, storage, and trading of natural gas in Turkey. The company is a major player in the global energy market and has operations in several countries.
Frequently Asked Questions
What is the value of the deal between Swan Energy and BOTAS?
The deal is worth $399 million.
What is the stake that Swan Energy is selling in the LNG terminal?
The stake is not disclosed, but Swan Energy is the majority owner of the LNG terminal.
Who is the majority owner of Triumph Offshore Pvt Ltd (TOPL)?
Swan Energy is the majority owner of TOPL.
What is the expected use of proceeds from the sale by Swan Energy?
The company is expected to utilize the proceeds to reduce its debt and invest in new projects.
What is the significance of the deal for BOTAS?
The deal marks BOTAS' entry into the Indian market.
Related News Articles
Massive Real Estate Scam Uncovered: 900 Property Documents Found Violating Laws
A massive real estate scam has been uncovered in Pune, Mumbai, and Thane districts, with 900-plus property documents found violating MahaRERA and Fragmentation Act.
MHADA Mumbai Lottery 2024: Key Dates, Eligibility, and Application Process
MHADA has received over 75,000 applications for 2,030 homes; deadline for application submission is September 19
Anthurium Developers Teams Up with GKW for Bhandup Land Development Project
Anthurium Developers has entered into a strategic partnership with GKW to develop a significant 37-acre land parcel in Bhandup, Mumbai. This collaboration, facilitated by ANAROCK Capital, a prominent real estate investment services firm, is expected to br
Which Crypto Offers the Best ROI: Solana (SOL) or Rexas Finance (RXS)?
With RXS tokens, an investor can acquire a fraction of a luxury real estate property without legal issues or a hefty investment. Rexas Finance and Solana both offer unique opportunities for high returns, but which one is the better choice?
Ready Reckoner Hikes in Mumbai to Increase Property Prices
The recent 3.9% increase in Ready Reckoner rates across Maharashtra will impact property prices, making them costlier for buyers. Real estate experts weigh in on the implications of this change.
hBits Launches SM-REIT, Plans Rs 500 Cr IPO for Fractional Real Estate Investments
hBits, a leading fractional commercial real estate investment platform, has secured a SEBI licence to launch its SM-REIT (Small and Medium Real Estate Investment Trust) IPO, aiming to raise up to Rs 500 crore. This move is set to revolutionize the real estate investment landscape, making it more accessible to retail investors.