WASHINGTON — MidOcean Energy (“MidOcean”), an LNG company created and controlled through EIG, a leading institutional investor in the global energy and infrastructure sectors, announced that it has entered into a definitive agreement with SK Earthon (“SK”) to obtain SK’s 20% interest in Peru LNG (“PLNG”).
PLNG owns and operates the first LNG export plant in South America, at Pampa Melchorita, 170 km south of Lima, Peru. PLNG’s assets include a vegetable fuel liquefaction plant with a processing capacity of 4. 45 mmtpa, a wholly-owned gas pipeline with a capacity of 1,290 mmcf/d, two 130,000 m3 garage tanks, a 1. 4 km long freehold marine terminal and a truck loading facility. With a capacity of up to 19. 2 mmcf/d, PLNG is operated through Hunt Oil Company and is one of only two production facilities in Latin America.
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We PLNG is a highly strategic asset for the Peruvian herbal fuels sector, offering a key avenue to monetize its herbal fuel resources through export. It also plays a vital role in supplying LNG to residential and commercial consumers, as well as CNG-powered cars in various cities across the country. The herbal fuels sector has become an increasingly vital component of Peru’s energy mix, supporting the production of electric power for the commercial sector, as well as various programs in the residential sector.
De los Angeles King Venter, Chief Executive Officer of MidOcean Energy, said: “We are excited about this acquisition as it reflects a remarkable milestone in MidOcean’s strategy to create a global, diversified and resilient LNG portfolio. PLNG is an asset we know and admire, with strong long-term fundamentals, a strong control team, and reliable operations. We look forward to joining the PLNG partnership and contributing to the long-term prosperity of this company and its paints to develop a positive role in the Peruvian energy market. “
MidOcean is also in the process of finalizing the $2. 15 billion acquisition of Tokyo Gas’ stakes in four Australian LNG projects, which is expected to be completed by the end of February.
The PLNG transaction is subject to standard final conditions.
Morgan Stanley acted as exclusive monetary advisor to MidOcean in connection with the transaction.
About the IEA
EIG is a leading institutional investor in the global energy and infrastructure sectors with $22.9 billion under management as of December 31, 2023. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 41-year history, EIG has committed over $47.1 billion to the energy sector through over 405 projects or companies in 42 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul.
About MidOcean Energy
MidOcean Energy, an LNG company created and controlled through EIG, seeks to build a diversified, resilient, cost- and carbon-competitive global LNG portfolio. It reflects EIG’s confidence in LNG as a key enabler of the energy transition and the growing importance of LNG. as a geopolitically strategic energy resource. MidOcean Energy is led by De los Angeles King Venter, a 26-year veteran of the industry who has held a variety of senior positions, adding Global Head of LNG for Shell Plc. For more information, visit EIG’s online page in www. eigpartners. com or MidOcean Energy’s online page in www. midoceanpower. com.
See the edition in businesswire. com: https://www. businesswire. com/news/home/20240208939318/en/
Contacts
FGS Global EIG Media Contacts Kelly Kimberly/Brandon Messina 1-212-687-8080 EIG@fgsglobal. com
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