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Aramco enters global LNG market with stake in MidOcean Energy

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Energy major, Aramco, has signed definitive agreements to acquire a strategic minority stake in MidOcean Energy - an LNG company formed and managed by investment company EIG, for $500 million. Aramco has the option to increase its shareholding and associated rights in the company in the future.

The deal marks the major’s first international investment in LNG, and according to Aramco, builds on the relationship between Aramco and EIG, which was part of a consortium that acquired a 49% stake in Aramco Oil Pipelines Company, a subsidiary of Aramco, in 2021.

MidOcean Energy is currently in the process of acquiring interests in four Australian LNG projects, with a growth strategy to create a diversified global LNG business.

“We are pleased to be strengthening our strategic partnership with EIG through this acquisition, which marks Aramco’s first international investment in LNG. We anticipate strong demand-led growth for LNG as the world continues its energy transition journey, with gas being a vital fuel and feedstock in various industries. We believe that gas will be important in meeting the world’s rising need for secure, accessible, and more sustainable energy,” said Amin H. Nasser, Aramco President & CEO.

De la Rey Venter, MidOcean Energy CEO, noted it is an honour having Aramco as a key shareholder and strategic partner, adding that “we share the conviction that LNG is an integral enabler of the global energy transition, and we believe that the global LNG industry has strong fundamentals for many decades to come.”