Aramco, a Dhahran, Saudi Arabia-based integrated energy and chemicals company, acquired a strategic minority stake in MidOcean Energy, a Washington, DC-based liquefied natural gas (LNG) company, for $500M.
Completion of the transaction is subject to closing conditions which include regulatory approvals. The partnership enables Aramco to tap into international LNG opportunities.
Led by CEO De la Rey Venter, MidOcean Energy is an LNG company formed and managed by EIG seeking to build a diversified, resilient, cost and carbon competitive LNG portfolio. It reflects EIG’s belief in LNG as an enabler of the energy transition and the importance of LNG as a geopolitically strategic energy resource.
The agreement 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. Aramco also has the option to increase its shareholding and associated rights in MidOcean Energy in the future.
FinSMEs
29/09/2023