Adani Ports and Special Economic Zone Ltd has secured a 10-year marine services contract for Argentina's first liquefied natural gas (LNG) export to India, marking its entry into South America. The contract, valued at an estimated investment commitment of $70 million, was awarded to APSEZ's step-down subsidiary The Adani Harbour International FZCO through a consortium with Argentina-based Meridian Group following a global competitive tender process conducted by Southern Energy S.A. (SESA).

Contract Details

The agreement covers end-to-end marine services for the Southern Energy FLNG project, including tugboat operations for LNG carriers, offshore logistics, supply support, and crew transfer services. The operations will be supported by a fleet comprising four high-specification tugboats, one anchor handling tug supply vessel, and one crew boat. The contract will be executed through Meridian Transportes Marítimos S.A., a 51:49 joint venture between Adani Harbour International FZCO and Meridian Group.

Strategic Significance

This project strengthens APSEZ's role in an emerging LNG export corridor and reinforces growing energy linkages between India and Argentina. Argentina is emerging as a major new LNG supplier, with agreements in place to support exports of up to 10 million tonnes (MT) annually to India from 2027. The Southern Energy FLNG project is being developed by SESA, a joint venture between Golar LNG and Pan American Energy (PAE), with commercial operations expected to begin in September 2027. In its first phase, the project is expected to produce 2.45 MT of LNG annually, equivalent to approximately 28 cargoes per year.

Mr. Ashwani Gupta, Whole-time Director and Chief Executive Officer (CEO), APSEZ, stated that the project reflects the company's growing capability to support large-scale energy infrastructure projects across geographies. He highlighted that APSEZ brings deep operational expertise from marine operations in 12 countries and a growing fleet of marine assets supporting ports, LNG terminals, national oil companies, refineries, and offshore facilities.

Adani Ports & SEZ has incorporated a wholly owned subsidiary, Harbour International Shipping FZCO, in the UAE to expand its global marine operations and offshore activities. The step-down subsidiary, established on June 5, 2026, will conduct offshore operations locally as part of the company's strategy to diversify its fleet globally. This move reinforces Adani Ports & SEZ's objective to build one of the world's largest integrated marine platforms and extend the geographic reach of its marine business.

Strategic Expansion Details

Harbour International Shipping FZCO is a wholly owned subsidiary of The Adani Harbour International FZCO, which is a step-down subsidiary of Adani Ports & SEZ. The new entity has been incorporated with an authorized capital of 100 shares of AED 1000 each. The company will focus on ships management and operation, aligning with the parent organization's broader marine strategy.

The incorporation was intimated to the exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. No specific governmental or regulatory approvals were required for the incorporation, and the transaction involves no cash consideration or share swap.