Swan Energy is planning 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 (TOPL) to Botas Trading IC. The definitive documents shall be signed in due course. The deal is likely to be completed in six months.
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 Indian Farmers Fertiliser Cooperative the remaining 49 per cent.
Swan Energy is engaged in the business of Real Estate, Textile and Energy.
