Key facts
- Apollo Global Management is exploring the sale of Energos Infrastructure.
- Energos Infrastructure could be valued at over $3 billion.
- XRG, the investment arm of Abu Dhabi National Oil Company, is a potential bidder.
- XRG is considering acquiring up to a 50% stake in Energos.
- Energos operates 13 floating LNG vessels globally.
- Apollo formed Energos with New Fortress Energy in 2022.
Apollo Global Management is exploring strategic options for its floating liquefied natural gas (LNG) infrastructure provider, Energos Infrastructure, in a deal that could value the company at more than $3 billion, according to people familiar with the matter. The investment giant has been in talks with potential bidders in recent weeks, indicating openness to either a full or partial sale. XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is among the prospective buyers and is considering taking a stake of up to 50% in Energos. Floating LNG infrastructure facilitates the import of natural gas for power generation and commercial use without the need for costly and time-consuming onshore facilities. Energos, based in Stamford, Connecticut, operates 13 floating LNG vessels globally, including storage and regasification units and LNG carriers, with assets deployed in countries such as Brazil, Egypt, Indonesia, Mexico, and the Netherlands. Apollo initially formed Energos with New Fortress Energy in 2022 and later acquired New Fortress's 20% stake in January 2024. XRG is actively seeking to expand its presence in the LNG industry outside the UAE, aiming to build a global gas and LNG business with a capacity of up to 25 million tons per annum by 2035. The company has recently made other investments in the sector, including acquiring a stake in the Rio Grande LNG project in Texas and minority stakes in upstream blocks in Argentina linked to an LNG project.