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Swan Energy said in a stock exchange filing on Wednesday that Botas Trading, a unit of Botas, is expected to pay $399 million in “multiple tranches over a period” to buy the FSRU owned by its unit Triumph Offshore (TOPL).
The Indian firm said the definitive documents shall be signed in “due course”.
Swan Energy expects to complete the transaction in six months.
Prior to this, Swan Energy said in a stock exchange filling dated July 31 it has received an intimation from its unit TOPL regarding a proposal in relation to the disposal/sale of the FSRU unit.
“The transaction is subject to the shareholders’ approval/signing of definitive documents, completion of customary closing conditions under the definitive documents, and receipt of regulatory approval as applicable on the subsidiary company,” it said.
The company did not provide any additional information at the time.
Saros Bay FSRU
India’s first FSRU is located in Saros Bay, Türkiye.
As previously reported by LNG Prime, Botas employed the FSRU Vasant 1 last year at its newly built LNG jetty in Saros Bay.
In February 2023, the Saros terminal received the FSRU on a one-year charter, and the terminal started commercial operations in April 2023, according to GIIGNL data.
This is Turkey’s third FSRU-based LNG terminal and the second for Botas that already operates the Dortyol facility, served by the 170,000-cbm Ertugrul Gazi, in the southern province of Hatay.
Swan Energy said in May last year it was waiting for approval from a consortium of banks to finalize its FSRU charter deal with Botas.
The company’s unit TOPL entered into a term sheet with Botas on December 31, 2022 to charter Vasant 1.
Also, the charter deal was for a period of one year at the hire charges of $250,000 per day, according to Swan Energy.
Initally, Swan Energy owned 51 percent in TOPL, while Indian Farmers Fertiliser Cooperative, also known as IFFCO, held 49 percent.
A separate filling to the stock exchange from June shows that Swan Energy bought the 49 stake in TOPL from IFFCO for about $52 million.