Saudi Aramco is set to gain access to Australian LNG facilities by the end of the quarter through the acquisition of a stake in MidOcean Energy. MidOcean is managed by US investment firm EIG, and Aramco reached an agreement in September to acquire a “strategic minority stake” in the firm for $500mn (MEES, 22 September 2023).

MEES understands that with MidOcean now set to finalize its purchase of stakes in a number of producing LNG assets in Australia from Tokyo Gas, Aramco’s investment is also poised to complete. A source close to the transaction says that completion of this first acquisition will “activate” the participation of all of MidOcean’s anchor investors. (CONTINUED - 278 WORDS)