Saudi Aramco to buy stake in EIG's MidOcean Energy to tap into LNG | Reuters
Saudi Arabia's oil group Aramco (2222.SE) said on Thursday it had agreed to acquire a strategic minority stake in liquefied natural gas company MidOcean Energy for $500 million, with an option to increase the size of the shareholding.
MidOcean is owned and managed by U.S. investment firm EIG Partners, which led a consortium to buy a 49% stake in Aramco's oil pipelines business in 2021, a deal that raised $12.4 billion for Aramco.
"This is an important step in Aramco's strategy to become a leading global LNG player," Aramco Upstream President Nasir K. al-Naimi said in a statement, which did not disclose the size of the stake.
"MidOcean Energy is well-equipped to capitalise on rising LNG demand, and this strategic partnership reflects our willingness to work with leading international players," he added.
MidOcean is in the process of buying interests in four LNG projects in Australia as part of its growth strategy to create a global LNG business, the statement said.
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