Apollo Global Management is evaluating a potential sale, either all or part, of Energos Infrastructure, a company that operates a fleet specializing in the storage, regasification, and transportation of liquefied natural gas (LNG). The transaction could value the company at more than $3 billion, according to sources familiar with the discussions cited by Reuters.
During the last few weeks, Apollo has reportedly been in contact with potential buyers to discuss different alternatives for the future of Energos. Among the possible interested parties is XRG, the international energy investment arm of Abu Dhabi National Oil Company (ADNOC).
The Abu Dhabi-based company is reportedly considering a deal that could see it acquire up to a 50% stake in Energos; however, the talks are still in a preliminary stage and there is no guarantee they will result in an agreement. Apollo and XRG declined to comment on the negotiations, while Energos did not respond to Reuters’ requests.
Energos operates a fleet of 13 LNG vessels
Energos Infrastructure currently owns and operates 13 vessels related to the liquefied natural gas market. Its fleet consists of nine floating storage and regasification units, known as FSRUs, as well as two floating storage units and two LNG carriers. These assets operate under long-term commercial agreements in various international markets. The company maintains a presence in countries such as Brazil, Egypt, Indonesia, Mexico, and the Netherlands, where its vessels are part of different gas supply chains.
FSRUs allow receiving LNG transported by sea, stored on board and subsequently returned to a gaseous state before being introduced into supply networks, this alternative can reduce the need to develop large land-based regasification terminals, the construction of which usually requires high investments, land availability and long execution periods; floating infrastructure also provides greater flexibility to incorporate gas import capacity in markets where building a permanent terminal may be more expensive, complex or slow.
Apollo has controlled Energos since 2024
Apollo created Energos with New Fortress Energy in 2022 through a joint venture focused on LNG-related marine assets. In that transaction, Apollo-managed funds assumed an 80% stake, while New Fortress Energy retained the remaining 20%. Two years later, Apollo acquired the stake still held by New Fortress Energy and took full control of Energos Infrastructure.
The commercial relationship between the two companies, however, did not end with that transaction, several Energos vessels remain linked to New Fortress Energy through long-term charter agreements. A potential sale valued at more than $3 billion would mark a new change in the ownership of a company whose business is directly related to the storage, transport, and regasification of LNG in different international markets.
XRG expands its international exposure to LNG
Furthermore, XRG’s potential interest in Energos aligns with its international expansion strategy in the natural gas and LNG markets. The company aims to develop an integrated business with a capacity of up to 25 million tons per year by 2035. Throughout 2026, XRG continued to expand its presence in international projects. Recent moves include the acquisition of an additional 7.6% stake in two trains of the Rio Grande LNG project, located in Texas.
The company also partnered with One to acquire minority stakes in three production blocks in Argentina linked to the development of an LNG project, a potential stake in Energos would allow it to add floating storage and regasification infrastructure to that growth strategy. For now, however, Apollo continues to evaluate the available alternatives, and sources cited by Reuters caution that the talks could still conclude without a transaction.
Source: Reuters
Photo: Shutterstock
