March 29, 2024 [Storage Terminal]- MidOcean Energy, under the stewardship of EIG, has completed the acquisition of Tokyo Gas Co., Ltd’s interests in several Australian integrated LNG projects, marking a significant milestone in the company’s expansion endeavours. This strategic move bolsters MidOcean’s presence in the LNG market, positioning it strategically across various stages of the LNG value chain, from upstream operations to liquefaction and sales. Notably, the acquired portfolio encompasses stakes in prominent projects like Gorgon LNG, Pluto LNG, and Queensland Curtis LNG, which are key players in the Australian LNG landscape.
The decision to establish an office in Perth, Australia, underscores MidOcean’s commitment to efficiently support and oversee these projects. This move not only facilitates operational oversight but also signifies MidOcean’s dedication to fostering strong partnerships and collaborations within the Australian LNG sector.
Blair Thomas, EIG’s chairman and CEO, emphasised the pivotal role of LNG in driving the global energy transition. He reiterated MidOcean’s commitment to offering unique exposure to the LNG asset class, highlighting the company’s strategic vision and long-term objectives in the evolving energy landscape. The acquisition of Tokyo Gas Co., Ltd’s interests aligns seamlessly with MidOcean’s overarching strategy of diversification and expansion in the LNG sector.
De la Rey Venter, CEO of MidOcean, echoed these sentiments, recognising the acquisition as a significant step towards realising the company’s ambition of becoming a leading global player in the LNG industry. He underscored the importance of the acquired assets in strengthening MidOcean’s position in key LNG markets and enhancing its capabilities to meet the evolving needs of customers worldwide.
The transaction was facilitated by leading financial advisors Barrenjoey, Barclays, and JP Morgan, further validating MidOcean’s strategic growth trajectory and commitment to excellence. With a clear focus on facilitating the world’s transition to a low-carbon future, MidOcean remains dedicated to driving innovation, sustainability, and value creation in the LNG sector and beyond.
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