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International Seaways sells stake in LNG joint venture for $123M

International Seaways Inc. sold its 49.9% ownership interest in its joint venture with Qatar Gas Transport Company Limited (Nakilat) to Nakilat for $123 million.

The joint venture includes four LNG carriers, according to an Oct. 7 news release.

International Seaways CFO Jeff Pribor said in the release that proceeds from the transaction would help the company pay down debt and return cash to shareholders.

International Seaways provides crude oil and petroleum products transportation, while Nakilat operates as a shipping and maritime company in Qatar.