Saudi Aramco ups stake in Peru LNG via MidOcean deal

LIMA, September 16, 2024 – Saudi Aramco will expand its interest in Peru LNG by boosting its stake in MidOcean Energy to 49% as MidOcean takes on an extra 15% in the project, MidOcean announced on Monday.
In September 2023, Aramco agreed to acquire a minority stake in MidOcean, with the percentage not publicly reported. The transaction marked the Saudi energy giant’s first investment in the global LNG scene. Monday’s deal was funded entirely by Aramco’s stake increase to 49%. The company now holds an indirect 17.2% in Peru LNG.
MidOcean is majority owned by EIG, a US investment firm with global energy investments of USD 24.9 billion under management as of the end of June.
With Monday’s deal, the company grew its stake in the Peruvian LNG project from 20% to 35%, with project operator Hunt Oil farming out 15%, decreasing its stake to 50%. The value of the deal was not disclosed.
“Aramco’s further investment in MidOcean strengthens MidOcean and Aramco’s position in the global LNG market and will provide both parties with further exposure to the only LNG export project in South America,” MidOcean said in a press release.
Peru LNG, located 170 kilometres south of Lima, is a natural gas liquefaction plant with 4.45-million-tonne-per-year processing capacity. The USD 3.8-billion project was commissioned in 2010.
Photo courtesy of Peru LNG.























