Apollo Tests Buyer Interest in $3B-Plus FLNG Business
September 18, 2026
Apollo Global Management is exploring strategic options for Energos Infrastructure, in a deal that could value the floating liquefied natural gas infrastructure provider at more than $3 billion, people familiar with the matter said.
The investment giant has been holding talks in recent weeks with prospective bidders, communicating it would be open to either a full or partial sale of Energos, the sources said. XRG, the international investment arm of Abu Dhabi National Oil Company, is among the potential bidders, with an offer that would see it take a stake of up to 50% in Energos, the sources said.
The sources cautioned that no deal involving Energos was a possible outcome, and spoke on condition of anonymity to discuss private deliberations.
Apollo and XRG declined to comment. Energos did not respond to a comment request.
Floating LNG infrastructure allows natural gas to be imported for power generation and other commercial uses without the need for large-scale onshore facilities, which can be costly to build, take years to construct, and require significant amounts of land.
Stamford, Connecticut-based Energos operates 13 floating LNG vessels, including nine which allow for the storage and regasification of LNG, two storage units, and two LNG carriers. Its assets are currently deployed globally under long-term commercial arrangements, including in Brazil, Egypt, Indonesia, Mexico and the Netherlands, according to its website.
Apollo formed Energos with New Fortress Energy in 2022, before the money manager bought New Fortress' 20% stake in January 2024.
XRG has been eager to invest in the LNG industry as part of its wider push to acquire natural gas and chemicals assets outside the United Arab Emirates. It aims to build an integrated global gas and LNG business with as much as 25 million tons per annum (mtpa) of capacity by 2035, according to its website.
So far this year, it has bought an additional 7.6% stake in two LNG trains at the Rio Grande LNG project in Texas, as well as joining with Italy's Eni to buy minority stakes in three upstream blocks in Argentina linked to an LNG project in the South American country.
(Reuters - Reporting by Milana Vinn and David French in New York; Editing by Echo Wang and Chris Reese)
