MidOcean Energy buys 20% stake in Peru LNG from SK Earthon

MidOcean Energy, a LNG company backed by EIG, has agreed to acquire a 20 percent stake in Peru LNG, the first and only LNG export plant in South America, from SK Earthon for an undisclosed amount.

The deal will expand MidOcean’s global LNG portfolio, which also includes four Australian LNG projects that the company is acquiring from Tokyo Gas for $2.15 billion.

Peru LNG operates a natural gas liquefaction plant, a pipeline, storage tanks, a maritime terminal and a truck loading facility in Peru. The company exports LNG to various markets and also supplies domestic customers with LNG and CNG.

MidOcean’s CEO De la Rey Venter said the acquisition was a significant step in the company’s strategy and praised Peru LNG’s strong fundamentals, experienced management and reliable operations.

The transaction is expected to close after customary conditions are met. Morgan Stanley was MidOcean’s financial advisor in the deal.

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