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Swan Energy Ltd., a key player in India’s oil and gas sector, has announced its decision to sell a stake in one of its liquefied natural gas (LNG) terminals to the Turkish state energy company BOTAS. The deal is valued at $399 million, according to an official exchange filing on Wednesday.
The LNG terminal is owned by Triumph Offshore Pvt Ltd (TOPL), a company in which Swan Energy holds a majority stake. Indian Farmers Fertiliser Cooperative (IFFCO), a prominent fertilizer firm, controls the remaining shares. According to IFFCO’s website, Swan Energy had acquired a 49% stake in Triumph Offshore from IFFCO for approximately 4.4 billion rupees ($52.43 million) in June.
This strategic partnership with BOTAS marks a significant milestone for Swan Energy, as it positions itself to expand its footprint in the global LNG market. BOTAS, known for its extensive experience and operations in the natural gas industry, will bring valuable expertise and resources to the joint venture. The deal is expected to bolster the LNG terminal’s capabilities and enhance its operational efficiency.
The LNG terminal, located at a strategic coastal position in India, plays a vital role in the country’s energy infrastructure. By bringing in BOTAS as a partner, Swan Energy aims to leverage the Turkish company’s technological know-how and operational expertise to optimize the terminal’s performance and cater to the growing demand for LNG in the region.
The partnership also aligns with India’s broader strategy of strengthening its energy sector by attracting foreign investment and expertise. As global energy markets evolve, this collaboration between Swan Energy and BOTAS is poised to contribute to India’s goal of becoming a significant player in the global LNG industry.