{"id":89759,"date":"2024-09-18T00:00:00","date_gmt":"2024-09-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/18\/aramco-expands-its-foothold-in-south-americas-lng-market\/"},"modified":"2024-09-18T00:00:00","modified_gmt":"2024-09-18T00:00:00","slug":"aramco-expands-its-foothold-in-south-americas-lng-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/18\/aramco-expands-its-foothold-in-south-americas-lng-market\/","title":{"rendered":"Aramco expands its foothold in South America\u2019s LNG market"},"content":{"rendered":"

Aramco to increase ownership in MidOcean, invest in new stake in Peru<\/strong> LNG: <\/strong>State-owned energy giant Aramco is backing EIG-managed LNG company MidOcean Energy\u2019s acquisition of an additional 15% stake in Peru LNG, bringing MidOcean Energy\u2019s stake in Peru LNG to 35%, according to a statement<\/a>. As part of the agreement, Aramco will also expand its stake in MidOcean Energy to 49%. The agreement will also bring Aramco\u2019s indirect stake in Peru LNG to 17.2%. No details were provided on the expected timeline to finalize the acquisitions. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

The financials:<\/strong> Aramco will wholly finance MidOcean\u2019s additional stake purchase in Peru LNG, the statement says, although neither the investment ticket for the share sale nor Aramco\u2019s funding have been disclosed. The firm expects to reach financial close<\/a> on its planned stake purchase in MidOcean Energy this quarter. The oil giant initially agreed in September 2023<\/a> to acquire a USD 500 mn minority stake in MidOcean Energy, although it did not disclose the size of the stake at the time.<\/p>\n

Selling shareholders:<\/strong> Hunt Oil Company is selling down its stake in Peru LNG from 50% but will continue to be Peru LNG\u2019s operator following the transaction. The pair are set to hold an equal foothold in the company after the transaction closes.<\/p>\n

Background:<\/strong> MidOcean purchased a USD 256.6 mn 20% stake in Peru LNG back in April, according to Reuters<\/a>.<\/p>\n

Strategic investments: <\/strong>Peru LNG owns and operates the sole LNG export facility in South America \u2014 located 170 km south of Lima in Pampa Melchorita \u2014 which is one of only two production facilities in the region. The LNG plant has a 4.45 mmtpa processing capacity and comes equipped with two 130k m3 storage tanks and a 19.2 mmcf\/d truck loading facility. The plant is supported by a fully-owned 408 km 1.2k mmcf\/d capacity pipeline and 1.4 km marine terminal.<\/p>\n

What\u2019s next?<\/strong> Aramco plans to increase<\/a> its drilling rigs to 300 by the end of this year and ramp up its gas operations by over 60% by 2030. The LNG market is forecasted to expand by 50% globally by 2030, with LNG capacity expected to almost double in the US alone over the next four years, Reuters added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Aramco will have a 17.2% indirect stake in Peru LNG<\/p>\n","protected":false},"author":1,"featured_media":89760,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[139,10,2236,14,1120],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-aramco","tag-enterpriseam-ksa","tag-lng","tag-ma-watch","tag-midocean-energy","wpautop","entry"],"acf":{"mongo_id":"66f5babf-d6f3-405c-8ffa-b10d1d799c08","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1393.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramco expands its foothold in South America\u2019s LNG market","related_issue":[89752],"teaser":"Aramco will have a 17.2% indirect stake in Peru LNG","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.e727710a-2b95-442c-a0ce-0a7ce7725ca3.mp3"},"yoast_head":"\nAramco expands its foothold in South America\u2019s LNG market - 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