Liquefied natural gas (LNG) business MidOcean Energy has signed a deal to acquire an additional 15% interest in Peru LNG (PLNG), taking its stake in the South American export facility to 49%.
MidOcean will buy its additional stake from Hunt Oil Company, which will own 35% of the project post-transaction. Hunt will, however, remain the operation of PLNG post-acquisition.
Saudi Arabian oil and gas giant Aramco supported the transaction, undertaking key technical and commercial due diligence as well as engaging with key stakeholders for transaction approval. Aramco will also fund the transaction.
Aramco’s investment in MidOcean strengthens the partner’s position in the global LNG market and will provide both parties with further exposure to the only LNG export project in South America.
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