EIG’s MidOcean Energy Secures US$1.2 Bln Equity Raise

KUALA LUMPUR, March 17 (Bernama) -- MidOcean Energy (MidOcean), a liquefied natural gas (LNG) company formed and managed by EIG, announced it has secured an equity capital raise of more than US$1.2 billion. (US$1=RM3.91)

The successful capital formation includes a US$500 million commitment from Idemitsu Kosan, a respected global energy company with a significant presence across the energy value chain. An additional US$790 million was committed by both new and existing investors.

MidOcean chief executive officer, De la Rey Venter said the level of participation from new investors and the existing shareholder base serves as a strong validation of the company’s strategy, asset base, and transaction pipeline.

Venter in a statement added that the company is now focused on progressing toward its final close.

This milestone reflects strong continued interest in the company’s strategy to build a diversified, resilient, and long-life global LNG platform.

MidOcean is continuing its capital-raise efforts, with documentation currently underway from further investors. The company has established a cumulative target of up to US$2 billion from new investors.

Investor interest is driven by robust demand fundamentals, constrained supply growth, and LNG’s critical role in both supporting energy security and enabling the global energy transition. Recent events have only served to reinforce the strength of the MidOcean investment thesis.

-- BERNAMA