Saudi Aramco is increasing its LNG exposure through the EIG-led MidOcean LNG firm as it seeks to rapidly develop a foothold in the sector. MidOcean announced on 16 September that it has entered into an agreement with US firm Hunt Oil to acquire another 15% in Peru LNG, with the transaction wholly financed by Aramco. In return, Aramco’s stake in MidOcean will increase to 49%.
As well as Aramco and private equity firm EIG, Japan’s Mitsubishi Corporation is also an investor in MidOcean, implying that Aramco will be the largest single investor following the transaction. (CONTINUED - 378 WORDS)
