Private equity firm EIG is to open an office in Riyadh as it deepens its economic ties with Saudi Arabia. The firm specializes in investments in the global energy sector, and is increasingly working with Saudi energy giant Aramco, with which it is planning significant global LNG investments.
EIG made its first landmark Aramco investment in 2021 when it joined a consortium which paid $12.4bn for a 49% stake in the newly formed Aramco Oil Pipelines Company. This was then followed last month by an agreement which saw Aramco pay $500mn for a “strategic minority stake” in EIG’s managed LNG entity MidOcean Energy (MEES, 29 September). Talks are ongoing with other potential shareholders, but Aramco will be the only “strategic partner.” (CONTINUED - 703 WORDS)