Saudi Aramco has completed its investment in MidOcean Energy, marking its entry into the international LNG sector. The firm confirmed completion of its acquisition of a “strategic minority stake” in its Q1 results this week (MEES, 10 May). MidOcean Energy was formed and managed by private equity firm EIG and last month completed its purchase of stakes in LNG assets in Peru and Australia (MEES, 12 April).

“This is a very small step so far,” Aramco CFO Ziad al-Murshed told the firm’s Q1 earnings call this week. “We’re looking at increasing that – increasing the volume and specifically increasing offtake volume and building our capability to trade LNG. We think that has the opportunity of creating considerable value for us.” Aramco intends to expand its newfound LNG business further both through MidOcean LNG and through separate ventures as it seeks to capitalize on growing demand for the fuel. (CONTINUED - 147 WORDS)