MidOcean Energy has completed its purchase of a number of Australian LNG stakes from Tokyo Gas, which will be the firm’s foundation assets. The firm announced the development on 28 March. Completion of this first acquisition is intended to “activate” the participation of all of MidOcean’s anchor investors, including Saudi Aramco (MEES, 26 January). This will mark Aramco’s first venture into LNG production, and the Saudi energy giant intends to use it as a springboard for further investments in international LNG (MEES, 15 March).
Shortly after closing the Tokyo Gas deal, MidOcean on 1 April announced a strategic investment by Japan’s Mitsubishi Corporation. CEO De la Rey Venter, said “we are thrilled to have Mitsubishi Corp join as an anchor investor in MidOcean Energy...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.” (CONTINUED - 153 WORDS)