MidOcean Energy to acquire 20% stake in Peru LNG

MidOcean Energy, a liquefied natural gas (LNG) company formed and managed by EIG, has entered into a definitive agreement to acquire SK Earthon’s 20% stake in Peru LNG, the first LNG export plant in South America, located in Pampa Melchorita.

The site is comprised of a natural gas liquefaction plant with a 4.45 mmtpa processing capacity, a 408km pipeline with 1,290 mmcf/d capacity, two 130,000 m3 storage tanks, a fully owned 1.4 km-long marine terminal, and a truck loading facility with capacity of up to 19.2 mmcf/d.

Peru LNG is operated by Hunt Oil Company and is one of two LNG production facilities in Latin America.

De la Rey Venter, CEO of MidOcean Energy, said the acquisition reflects a notable step in MidOcean’s strategy to create a global, diversified, and resilient LNG portfolio.

He continued, “We look forward to joining the PLNG partnership and contributing to the long-term prosperity of that venture and its work towards being a positive role in the Peruvian energy market.”

News of the acquisition comes as MidOcean is also in the process of completing its acquisition of Tokyo Gas’ interests in four Australian LNG projects. The transaction is scheduled to close at the end of February.

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