Aramco is poised to move into the global LNG market after agreeing to acquire a “strategic minority stake” in MidOcean Energy for $500mn. The deal comes more than four-years after Aramco first sought to enter the sector with an ultimately-aborted agreement with US firm Sempra’s Port Arthur LNG project (MEES, 24 May 2019).
The move will initially give Aramco a foothold in Australia’s LNG sector, currently the second-largest globally by capacity behind the US (and just ahead of Qatar), and is intended to serve as a potential springboard for investments elsewhere. (CONTINUED - 400 WORDS)
