MidOcean Energy, a Washington, DC-based liquefied natural gas (LNG) company, received an investment from Mitsubishi Corporation.
The amount of the deal was not disclosed. Mitsubishi Corp has been an active player in the LNG sector for over 50 years, with investments spanning 12 projects across eight countries.
The company intends to use the funds to create a diversified, global ‘pure play’ integrated LNG company.
Led by CEO De la Rey Venter, MidOcean Energy, an LNG company formed and managed by EIG, seeks to build a diversified, cost and carbon competitive global LNG portfolio. MidOcean recently announced the close of its acquisition of a portfolio of Australian LNG projects from Tokyo Gas.
Commenting on the news, De la Rey Venter said: “We are thrilled to have Mitsubishi Corp join as an anchor investor in MidOcean Energy. Mitsubishi Corp has been a pioneer of the global LNG industry and has consistently demonstrated its expertise and foresight in identifying valuable opportunities. Their investment is a testament to the strong fundamentals of the LNG market and MidOcean’s strategy to create a competitive long-term growth platform in LNG for its investors.”
EIG is an institutional investor in the global energy and infrastructure sectors with $22.9 billion under management as of December 31, 2023. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. Clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul.
FinSMEs
02/04/2024