Saudi Aramco has signed final agreements to acquire a strategic minority stake in the Med Ocean energy company for $500 million, according to a company statement.
Med Ocean is one of the companies working in the field of liquefied natural gas, founded and managed by EIG, one of the largest investment institutions operating in the energy and infrastructure sectors globally.
MedOcean Energy is currently acquiring stakes in four Australian LNG projects, with a growth strategy to create a diversified global LNG business. The strategic partnership with Med Ocean represents Saudi Aramco’s first international investment in liquefied natural gas.
Distributions of major listed companies
This agreement is an extension of the partnership between Saudi Aramco and AIG, which was part of a consortium to acquire a 49 percent stake in Aramco Crude Oil Supply Company, a subsidiary of Saudi Aramco, in 2021.
Completion of the transaction is subject to regulatory approvals and final requirements. Saudi Aramco also has the option to increase its stake and associated rights in Mid-Ocean Energy in the future.
Promising market
On this occasion, Saudi Aramco President and Chief Executive Officer, Eng. Amin Nasser, said: “We expect strong growth in demand for gas as the global trend towards energy transition continues. There is no doubt that gas is a vital fuel and the raw material in various industries, so we believe it will be important.” To meet the growing global need for safe, available and more sustainable energy.
For his part, President of Exploration and Production at Saudi Aramco, Mr. Nasser Al-Naimi, said: “This deal is an important step in Saudi Aramco’s strategy to become a global player in the LNG business. We see great opportunities in this market that is operating in a position that allows for long-term structural growth.” There is no doubt that Med Ocean Energy is well equipped to benefit from the growing demand for liquefied natural gas, so this strategic partnership reflects our desire to work with major international players to identify and open new opportunities on a global level.”
For his part, EIG Chairman and Chief Executive Officer, Blair Thomas, said: “The energy transition lies behind every investment decision we make, and we believe that LNG has a key role to play in enabling an orderly transition that balances society’s twin goals of reducing carbon.” and energy security.”
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