Saudi Aramco increases investment in MidOcean Energy to 49 per cent
Aramco entered the international LNG market in September 2023 with a $500 million
Dubai: Saudi Aramco’s investment in MidOcean Energy, the US-based energy investor EIG’s liquefied natural gas unit, will increase to 49 per cent following Aramco's agreement to finance MidOcean’s acquisition in Peru.
MidOcean has secured a deal to acquire an additional 15 per cent interest in Peru LNG from Hunt Oil, raising its stake in the LNG facility to 35 per cent.
Consequently, Aramco’s indirect ownership of Peru LNG will reach 17.2 per cent.
Aramco entered the international LNG market in September 2023 with a $500 million (Dh1.8 billion) investment, acquiring a minority stake in MidOcean Energy.
Post-transaction, Hunt Oil’s stake in Peru LNG will be reduced from 50 per cent to 35 per cent. However, Hunt Oil will continue to operate the facility.