Aramco enters global LNG business with MidOcean Energy acquisition

This strategic partnership enables the company to tap into international LNG opportunities and the option to increase size of shareholding.

Aramco has signed a definitive agreement to acquire a stake in MidOcean Energy for $500 million, a liquefied natural gas (LNG) company.

With this strategic minority of the company formed and managed by institutional investor EIG, this marks Aramco's first international investment in LNG. MidOcean is currently in the process of acquiring interests in four Australian LNG projects, with a growth strategy to create a diversified global LNG business.

"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. We believe that gas will be important in meeting the world's rising need for secure, accessible and more sustainable energy," said Amin H. Nasser, President & CEO of Aramco.

The agreement builds on the relationship between Aramco and EIG, which was part of a consortium that acquired a 49% stake in Aramco Oil Pipelines Company during 2021.

Completion of the transaction is subject to closing conditions which include regulatory approvals. Aramco also has the option to increase its shareholding and associated rights in MidOcean Energy in the future.