EIG’s LNG company MidOcean Energy has wrapped its acquisition of a 20% stake in Peru LNG (PLNG) from SK Earthon, according to an April 23 press release. Financial details of the transaction weren’t disclosed.
Peru LNG, operated by Hunt Oil Co., is one of two LNG production facilities in South America. The company owns and operates the first LNG export plant in South America in Pampa Melchorita, Peru.
Its assets include a 4.45 million tonnes per annum-processing capacity liquefaction plant, a 408-km pipeline with 1,290 MMcf/d capacity, two 130,000 cu.m storage tanks, a 1.4-km marine terminal and a 19.2 MMcf/d capacity truck loading facility.
De la Rey Venter, MidOcean Energy’s CEO, said the completion of the investment was an important milestone in the company’s efforts to create a global, diversified and resilient portfolio of LNG assets. “As the only LNG export facility in South America, PLNG is uniquely positioned in the global marketplace,” Venter said. “PLNG also plays an important role in providing gas and LNG to customers in Peru. We look forward to a strong partnership with the PLNG co-venturers and our work towards sustaining PLNG’s positive impact for many years to come.”
The close of the transaction follows MidOcean’s March 28 announcement of a strategic investment by Mitsubishi Corp. and the completion of its acquisition of Tokyo Gas Co. Ltd.’s interests in a Australian integrated LNG projects.
Morgan Stanley acted as exclusive financial adviser to MidOcean on the transaction. Latham & Watkins acted as legal adviser to MidOcean.
Recommended Reading
Green Swan Seeks US Financing for Global Decarbonization Projects
2024-02-21 - Green Swan, an investment platform seeking to provide capital to countries signed on to the Paris Agreement, is courting U.S. investors to fund decarbonization projects in countries including Iran and Venezuela, its executives told Hart Energy.
Sunoco’s $7B Acquisition of NuStar Evades Further FTC Scrutiny
2024-04-09 - The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for Sunoco’s pending acquisition of NuStar Energy has expired, bringing the deal one step closer to completion.
Kissler: OPEC+ Likely to Buoy Crude Prices—At Least Somewhat
2024-03-18 - By keeping its voluntary production cuts, OPEC+ is sending a clear signal that oil prices need to be sustainable for both producers and consumers.
Buffett: ‘No Interest’ in Occidental Takeover, Praises 'Hallelujah!' Shale
2024-02-27 - Berkshire Hathaway’s Warren Buffett added that the U.S. electric power situation is “ominous.”
The One Where EOG’s Stock Tanked
2024-02-23 - A rare earnings miss pushed the wildcatter’s stock down as much as 6%, while larger and smaller peers’ share prices were mostly unchanged. One analyst asked if EOG is like Narcissus.