Aramco signs agreements to buy strategic minority stake in MidOcean for $500 mln

Agreements signing ceremony

Saudi Aramco signed definitive agreements to acquire a strategic minority stake in MidOcean Energy for $500 million.

MidOcean Energy is a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, the world’s largest oil exporter said in an emailed statement to Argaam.

MidOcean Energy is currently in the process of acquiring interests in four Australian LNG projects, with a growth strategy to create a diversified global LNG business.

The strategic partnership with MidOcean Energy marks Aramco’s first international investment in LNG, the oil firm added.

The agreement builds on the relationship between Aramco and EIG, which was part of a consortium that acquired a 49% stake in Aramco Oil Pipelines Co., a subsidiary of Aramco, in 2021.

Completion of the transaction is subject to closing conditions, which include regulatory approvals. Aramco also has the option to increase its shareholding and associated rights in MidOcean Energy in the future.

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