MidOcean Energy Boosts Stake in Peru LNG to 35%
MidOcean Energy, a liquefied natural gas (LNG) company managed by EIG, is set to acquire an additional 15% interest in Peru LNG (PLNG) from Hunt Oil Company, raising its total stake to 35%.
The deal comes as part of a strategic agreement between the two firms, which will see Hunt’s ownership in the project reduced from 50% to 35%, with Hunt continuing to operate the LNG facility.
The transaction, fully funded by Aramco, will also increase Aramco's interest in MidOcean to 49%, providing Aramco with a 17.2% indirect stake in the only LNG export facility in South America. The Peru LNG facility, located 170 kilometers south of Lima, has a processing capacity of 4.45 million metric tons per year (mmtpa) and operates a 408-kilometer pipeline with a capacity of 1,290 million cubic feet per day (mmcf/d).
MidOcean CEO De la Rey Venter expressed confidence in the deal, saying it strengthens the company's global LNG portfolio while maintaining its strategic partnership with Hunt Oil. Hunt CEO Mark Gunnin added that the partnership positions PLNG for future growth.
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