Saudi Aramco said Sept. 28 it was acquiring a stake in US-based LNG player MidOcean Energy, signaling a strategic shift for the world's largest oil-exporting company.
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Aramco paid $500 million to acquire a minority stake in the company, marking its first institutional investment in LNG.
"We anticipate strong demand-led growth for LNG as the world continues on its energy transition journey, with gas being a vital fuel and feedstock in various industries," Aramco CEO and president Amin Nasser said in a statement.
"We believe that gas will be important in meeting the world's rising need for secure, accessible and more sustainable energy," he added.
MidOcean Energy is managed by institutional advisor EIG, which was part of a consortium that acquired a stake in Aramco's pipeline business in 2021.
MidOcean is in the process of acquiring interests in four Australian LNG projects as part of its growth strategy to create a diversified global LNG business
Aramco said the transaction is subject to closing conditions, pending regulatory approvals.