Dahran, September 28, 2023, Aramco, a prominent global energy and chemicals conglomerate, has formally inked agreements to secure a strategic minority share in MidOcean Energy, a liquefied natural gas (LNG) company managed by EIG, a distinguished institutional investor in the global energy and infrastructure sectors. The deal, valued at $500 million, is a significant move for Aramco, representing its initial foray into the international LNG arena.
MidOcean Energy is actively involved in the acquisition of interests in four Australian LNG projects, positioning itself for substantial growth as it endeavors to create a diversified global LNG enterprise. This strategic collaboration with MidOcean Energy marks a milestone in Aramco's international investment strategy, building upon the established partnership between Aramco and EIG. The latter was part of a consortium that acquired a 49% stake in Aramco Oil Pipelines Company, a subsidiary of Aramco, in 2021.
The transaction's successful completion is contingent upon meeting closing conditions, including regulatory approvals. Moreover, Aramco retains the option to augment its shareholding and related rights in MidOcean Energy in the future.
Amin H. Nasser, President and CEO of Aramco, expressed the company's enthusiasm for strengthening its strategic alliance with EIG through this acquisition. He emphasized the growing demand for LNG as the world navigates the energy transition, highlighting the significance of natural gas as a critical energy source and feedstock across various industries.
Nasir K. Al-Naimi, Aramco Upstream President, underscored the pivotal role this investment plays in Aramco's ambition to become a prominent global LNG player. He noted the sector's substantial growth potential and Aramco's readiness to collaborate with leading international entities to identify and capitalize on global opportunities.
Blair Thomas, Chairman and CEO of EIG, emphasized their commitment to investments that align with the energy transition and the integral role of LNG in achieving decarbonization and energy security. He also highlighted the prospect for transformative change in the LNG industry and the unique position of MidOcean Energy to drive such change.
MidOcean Energy CEO De la Rey Venter expressed honor in having Aramco as a key shareholder and strategic partner, emphasizing their shared belief in the critical role of LNG in the global energy transition. Venter underscored the importance of synergistic partnerships as MidOcean Energy's approach to growth and its commitment to exploring new opportunities together with Aramco.
