MidOcean Energy, an LNG company managed by EIG Global Energy Partners, is set to increase its stake in Peru LNG (PLNG) by 15%, bringing its total holding to 35%. The acquisition will decrease Hunt Oil Company’s share to 35%, although Hunt will continue to operate PLNG. The funding for the transaction is provided by Aramco, which will consequently raise its stake in MidOcean to 49%, giving it an indirect 17.2% interest in PLNG. This move further solidifies Aramco and MidOcean’s positions in the global LNG sector. PLNG, the only LNG export facility in South America, enhances MidOcean’s diversified LNG portfolio. Advisors on the deal include Morgan Stanley for MidOcean and Latham & Watkins for legal advice. Hunt was advised by Bracewell LLP.
Energy, Infrastructure,Peru, United States, Saudi Arabia
EIG’s MidOcean Energy to Acquire Additional 15% Interest in Peru LNG from Hunt Oil Company