EIG'S MIDOCEAN ENERGY COMPLETES STAKE PURCHASE IN PERU LNG

KUALA LUMPUR, April 24 (Bernama) -- MidOcean Energy (MidOcean), a liquefied natural gas (LNG) company formed and managed by EIG, announced the completion of its previously announced agreement to acquire SK earthon’s (SK) 20 per cent interest in Peru LNG (PLNG), owner and operator of the first LNG export facility in South America.

MidOcean Energy Chief Executive Officer, De la Rey Venter in a statement said: “The completion of this investment is an important milestone in our efforts to create a global, diversified and resilient portfolio of LNG assets. As the only LNG export facility in South America, PLNG is uniquely positioned in the global marketplace.

“PLNG also plays an important role in providing gas and LNG to customers in Peru. We look forward to a strong partnership with the PLNG co-venturers and our work towards sustaining PLNG’s positive impact for many years to come.”

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PLNG, operated by Hunt Oil Company, is one of only two LNG production facilities in Latin America, located in Pampa Melchorita, 170 kilometre south of Lima.

The completion of this transaction follows MidOcean’s recent announcement of a strategic investment by Mitsubishi Corporation and the completion of its acquisition of Tokyo Gas Co Ltd’s interests in a portfolio of Australian integrated LNG projects.

Morgan Stanley acted as exclusive financial advisor to MidOcean on the transaction while Latham & Watkins acted as legal advisor.

Headquartered in Washington, D.C., EIG is a leading institutional investor in the global energy and infrastructure sectors, specialises in private investments in energy and energy-related infrastructure on a global basis.

-- BERNAMA