Adani Ports wins 10-year Argentina LNG deal, 2026

Adani Ports and Special Economic Zone Ltd (APSEZ) has won a 10-year marine services contract for Argentina’s first liquefied natural gas (LNG) export project, marking its entry into South America. The mandate, awarded through a global competitive bidding process run by Southern Energy S.A. (SESA), will see APSEZ deliver end-to-end marine services for the Southern Energy Floating Liquefied Natural Gas (FLNG) project in Argentina.

APSEZ said the win strengthens its push beyond traditional port operations into specialised marine and energy logistics. The contract also adds to the company’s growing international footprint, which already includes overseas assets in Australia, Sri Lanka, Israel and Tanzania.

Contract award: Southern Energy FLNG project

The marine services contract was awarded by SESA after a global competitive bidding process, according to the company. The services are tied to the Southern Energy FLNG project, which is expected to become Argentina’s first operational LNG export facility.

The project is being developed by SESA, a joint venture between Golar LNG and Pan American Energy (PAE). The facility is located in the San Matías Gulf in Argentina’s Río Negro province.

APSEZ positioned the deal as part of its expansion into specialised marine services tied to energy logistics, and as a platform to participate in energy trade flows between India and Latin America as countries seek to diversify LNG supply sources.

What APSEZ will deliver under the 10-year mandate

Under the contract, the consortium will provide a set of specialised marine services required for LNG export operations. These include tugboat operations for LNG carriers, offshore logistics support, crew transfer services, and supply operations.

APSEZ said the project will be supported by six vessels in total: four high-specification tugboats, one anchor handling tug supply vessel, and one crew boat. The company added that the contract is backed by an estimated investment commitment of around $10 million.

Execution structure: Meridian JV in Argentina

The agreement will be executed through Meridian Transportes Marítimos S.A., described as a 51:49 joint venture between APSEZ subsidiary Adani Harbour International FZCO and Argentina-based Meridian Group. APSEZ’s disclosures also show a separate step to secure a majority stake in Meridian Transportes Marítimos S.A., aligning ownership and operations around the same Argentina opportunity.

In a stock exchange intimation, APSEZ said Adani Harbour International FZCO (referred to as “TAHID”), a step-down subsidiary, entered into a share purchase agreement on May 15, 2026, to acquire a 51% stake in Meridian Transportes Marítimos S.A. from Logistica y Servicios Maritimos S.A. and Simpo S.A.

The company described the acquisition as a strategic step to scale maritime operations within the South American market, using existing contracts with Southern Energy S.A. as the operating foundation.

Meridian stake acquisition: key transaction details disclosed

APSEZ said it has acquired a 51% majority stake in Meridian Transportes Marítimos S.A. for approximately $144.49 million. The transaction is expected to be completed within four months and will be executed through a cash payment, as stated in the provided deal details.

As part of the transaction structure described, TAHID will also sell a 20% stake in a newly formed UAE entity to an affiliate of Logistica y Servicios Maritimos S.A. for vessel ownership related to the arrangement.

A disclosed share-capital detail in the deal notes that the 51% share capital includes 510,000 Class A ordinary shares.

How the LNG export project is expected to ramp up

Natural gas for the project will be liquefied aboard the FLNG vessel Hilli Episeyo, with commercial operations scheduled to commence in September 2027.

In its first phase, the facility is projected to produce 2.45 million tonnes (MT) of LNG annually, which the company said is equivalent to nearly 28 cargoes a year.

The project is also framed as part of Argentina’s effort to emerge as a major LNG exporter. The provided information notes that agreements are already in place to supply up to 10 MT of LNG annually to India from 2027.

Timeline: contract and transaction milestones

The acquisition and contract references show a sequence of steps that tie the marine services platform to a long-term project schedule.

Key facts at a glance

Why this matters for APSEZ’s marine and global strategy

APSEZ positioned the Argentina contract as a strategic milestone because it moves the company deeper into specialised marine and energy logistics services. The company has highlighted marine services as a distinct business pillar alongside its port operations and logistics.

In the provided information, APSEZ also described its wider marine platform build-out, including ownership of 115 marine vessels operating in Middle East, Africa and South Asia waters, and an expectation that its marine business would cross INR crore 3,300 in revenue by FY27. The company also stated it aims to achieve 3x revenue growth in marine by FY27.

Separately, APSEZ has said it will introduce separate reporting for marine services, covering Ocean Sparkle in India, Astro Offshore, and TAH in overseas markets, with trucking and international freight network services to be reported under logistics.

Market impact and what investors will track

The disclosures around the Argentina contract and Meridian acquisition add a long-duration international mandate to APSEZ’s marine services portfolio. The structure links vessel deployment, offshore logistics, and port-adjacent services to a single LNG export project with a stated start date of September 2027 and clearly defined phase-1 output of 2.45 MT per year.

Investors are likely to track how quickly APSEZ closes the Meridian transaction within the stated four-month window, and how the vessel ownership structure develops given the disclosed plan to sell a 20% stake in a newly formed UAE entity for vessel ownership purposes.

APSEZ’s broader positioning is also relevant in this context, with the company already operating ports and terminals across India and holding overseas assets in Australia, Sri Lanka, Israel and Tanzania.

Conclusion

APSEZ’s 10-year marine services contract for Argentina’s Southern Energy FLNG project sets a South America entry point anchored to a defined LNG export timeline, with commercial operations scheduled for September 2027. The parallel move to secure a 51% stake in Meridian Transportes Marítimos S.A. ties execution capability to the long-term mandate, with the transaction expected to close within four months of the May 15, 2026 agreement.