Aramco has signed a definitive agreement to acquire a stake in MidOcean Energy for $500 million, a liquefied natural gas (LNG) company.
With this strategic minority of the company formed and managed by institutional investor EIG, this marks Aramco’s first international investment in LNG. MidOcean is currently in the process of acquiring interests in four Australian LNG projects, with a growth strategy to create a diversified global LNG business.
“We anticipate strong demand-led growth for LNG as the world continues on its energy transition journey, with gas being a vital fuel and feedstock in various industries. We believe that gas will be important in meeting the world’s rising need for secure, accessible and more sustainable energy,” said Amin H. Nasser, President & CEO of Aramco.