Aramco to raise stake in MidOcean to 49%, fund new stake in Peru LNG

Saudi Aramco will raise its stake in liquefied natural gas firm MidOcean Energy to 49% and fund its acquisition of a new 15% stake in Peru LNG from Hunt Oil Co., MidOcean and Hunt said in a statement today, Sept. 16.

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Aramco will hold an indirect stake of 17.2% in PLNG, while Hunt will continue to hold a 25.2% holding in the Camisea upstream project in Peru.

In September 2023, the giant oil exporter signed definitive agreements to acquire a strategic minority stake in MidOcean Energy for $500 million, Argaam earlier reported.