The close of the transaction follows MidOcean’s March 28 announcement of a strategic investment by Mitsubishi Corp. (Source: Shutterstock)
EIG’s LNG company MidOcean Energy has wrapped its acquisition of a 20% stake in Peru LNG (PLNG) from SK Earthon, according to an April 23 press release. Financial details of the transaction weren’t disclosed.
Peru LNG, operated by Hunt Oil Co., is one of two LNG production facilities in South America. The company owns and operates the first LNG export plant in South America in Pampa Melchorita, Peru.
Its assets include a 4.45 million tonnes per annum-processing capacity liquefaction plant, a 408-km pipeline with 1,290 MMcf/d capacity, two 130,000 cu.m storage tanks, a 1.4-km marine terminal and a 19.2 MMcf/d capacity truck loading facility.
De la Rey Venter, MidOcean Energy’s CEO, said the completion of the investment was an important milestone in the company’s 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,” Venter said. “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.”
The close of the transaction follows MidOcean’s March 28 announcement of a strategic investment by Mitsubishi Corp. and the completion of its acquisition of Tokyo Gas Co. Ltd.’s interests in a Australian integrated LNG projects.
Morgan Stanley acted as exclusive financial adviser to MidOcean on the transaction. Latham & Watkins acted as legal adviser to MidOcean.
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