EIG-backed MidOcean Energy to acquire additional 15 percent stake in Peru LNG from Hunt Oil

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MidOcean’s stake in PLNG will increase from 20 percent to 35 percent following the closing of the transactionThe transaction will be funded entirely by Aramco, which will increase its interest in MidOcean to 49 percentEIG invests in the global energy and infrastructure sectors MidOcean Energy, which is backed by EIG, has agreed to acquire an additional 15 percent stake in Peru LNG, from Hunt Oil Company. No financial terms were disclosed.

PLNG owns and operates the only LNG export facility in South America, which is located in Pampa Melchorita, Peru.

MidOcean’s stake in PLNG will increase from 20 percent to 35 percent following the closing of the transaction.

The transaction will be funded entirely by Aramco, which will increase its interest in MidOcean to 49 percent.

In addition to EIG and Aramco, Mitsubishi Corporation is invested in MidOcean, among other blue-chip investors.

Hunt’s interest in PLNG will decrease from 50 percent to 35 percent, and Hunt will remain the operator of PLNG following the transaction.

On the deal, De la Rey Venter, MidOcean’s CEO, said in a statement: “We are pleased to increase our stake in PLNG, a strategic asset that aligns with MidOcean’s vision of creating a global, diversified, and resilient LNG portfolio. Our belief in the long-term fundamentals of the LNG market and in the strength of PLNG’s unique position as the only LNG export facility in South America remains steadfast.”

Morgan Stanley acted as financial advisor to MidOcean on the transaction and Latham & Watkins acted as legal advisor. Bracewell LLP served as legal advisor to Hunt.

EIG invests in the global energy and infrastructure sectors. Headquartered in Washington, DC, EIG has $24.9 billion under management as of June 30, 2024.

MidOcean Energy is an LNG company formed and managed by EIG.

Based in Dallas, Hunt is an independent oil and gas company.

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Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=66e82c71058540489073b59fb2b3b7e2&url=https%3A%2F%2Fwww.pehub.com%2Feig-backed-midocean-energy-to-acquire-additional-15-percent-stake-in-peru-lng-from-hunt-oil%2F&c=5786808755212815333&mkt=en-us Author : Publish date : 2024-09-16 01:25:00 Copyright for syndicated content belongs to the linked Source .

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