WASHINGTON, Sept 17 (Bernama-BUSINESS WIRE) — MidOcean Energy (“MidOcean” or the “Company”), a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, and Hunt Oil Company (“Hunt”) announced today that they have entered into a definitive agreement whereby MidOcean will acquire an additional 15% interest in Peru LNG (“PLNG”) from Hunt.
Following the closing of the transaction, MidOcean’s interest in PLNG will increase from 20% to 35%. Aramco played a pivotal role in the transaction, including undertaking key technical and commercial due diligence as well as engaging with key stakeholders for transaction approval. The transaction will be funded entirely by Aramco, which will increase its interest in MidOcean to 49%. Aramco’s further investment in MidOcean strengthens MidOcean and Aramco’s position in the global LNG market and will provide both parties with further exposure to the only LNG export project in South America. Aramco’s indirect stake in PLNG will equate to 17.2%. In addition to EIG and Aramco, Mitsubishi Corporation is invested in MidOcean, among other blue-chip investors.