Petronas Forms Strategic LNG Partnership With MidOcean Energy 

KUALA LUMPUR, Oct 1 (Bernama) -- Petroliam Nasional Bhd (Petronas) has formed a long-term partnership with MidOcean Energy, a liquefied natural gas (LNG) company managed by US-based EIG Global Energy Partners, through a 20 per cent equity stake in its Canadian subsidiaries.

In a statement, Petronas said it will introduce MidOcean as a 20 per cent equity partner in the North Montney Upstream Joint Venture (NMJV), which holds its upstream investments in Canada. 

Petronas will also grant a 20 per cent stake in the North Montney LNG Limited Partnership (NMLLP), the entity controlling its participating interest in the LNG Canada Project.

"Petronas remains committed to its investments in Canada, and this equity participation will not affect its existing control over NMJV and NMLLP. 

"The partnership with MidOcean underscores the strength and long-term potential of the North Montney assets, while reinforcing Canada's position as a compelling destination for global energy investment and LNG industry growth," Petronas said. 

MidOcean was established to build a diversified, resilient, cost and carbon-competitive global LNG portfolio, with interests in Gorgon LNG, Pluto LNG, QCLNG and Peru LNG. 

Petronas added that the strategic partnership paves the way for future collaboration, unlocking additional value through shared opportunities.

According to the statement, Lambert Energy Advisory acted as the financial adviser and Norton Rose Fulbright acted as the legal adviser to Petronas.

-- BERNAMA