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Through the establishment of a strategic partnership with MidOcean Energy, Idemitsu aims to secure business opportunities in the LNG sector while continuing its efforts to further enhance the stable supply of energy, the oil refiner said on Tuesday.
Idemitsu said the contract related to the investment is expected to be concluded by the end of March.
The investment is subject to the receipt of all necessary approvals and permits under applicable competition laws.
The Japanese firms noted that MidOcean Energy has a track record of participating in LNG projects across multiple regions, including Australia, Canada, and South America, and seeks to build a resilient portfolio that balances cost competitiveness with carbon emissions reduction.
Correspondingly, Idemitsu is engaged in natural gas development in Vietnam and the supply of natural gas to power plants associated with data centers in North America, the company said.
“Building on this business foundation, we consider that the investment serves as a catalyst to capture the opportunity of participation in the global LNG market through a strategic partnership with MidOcean Energy,” Idemitsu said.
Up to $2 billion
MidOcean, in which Saudi Arabia’s energy behemoth Aramco has a 49 percent stake, announced in a separate statement an equity capital raise of more than $1.2 billion.
This equity raise includes the $500 million commitment from Idemitsu and additional commitments of $790 million from both new and existing investors, MidOcean said.
MidOcean said that there is “significant further momentum from additional investors currently in documentation.”
Moreover, the company will continue to raise capital, with a cumulative target of up to $2 billion from new investors.
The company has received “substantial” interest from investors seeking long-term exposure to the LNG sector, supported by strong demand fundamentals, constrained supply growth, and LNG’s role in supporting energy security and the energy transition.
Recent events only reinforce the strength of the MidOcean investment thesis, it said.
“We are delighted to welcome Idemitsu Kosan as a strategic investor in MidOcean. The success of this equity raise is a strong validation of MidOcean’s strategy, asset base and transaction pipeline,” De la Rey Venter, CEO of MidOcean, said.
“The level of participation from both new investors and our existing shareholder base signals confidence in our strategy and our company. We look forward to welcoming more investors into the company as we progress toward final close,” he said.
Portfolio
MidOcean recently entered into a definitive agreement with Japan’s Jera to buy the latter’s stakes in the Gorgon and Ichthys LNG export projects in Australia.
Jera holds a 0.417 percent interest in the Chevron-operated 15.6 mtpa Gorgon LNG project and a 0.735 percent interest in the Inpex-operated 8.9 mtpa Ichthys LNG project.
MidOcean is an existing participant in the Gorgon LNG project, which recently shipped its 2,000th cargo, and this transaction increases MidOcean’s interest in Gorgon to 1.417 percent.
Last year, MidOcean completed its acquisition of Tokyo Gas Co.’s interests in a portfolio of Australian integrated LNG projects.
These include Gorgon LNG, Woodside’s Pluto LNG, and Shell’s Queensland Curtis LNG projects.
Subject to the satisfaction of relevant conditions precedent, the interests in Gorgon and Ichthys will be sold to MidOcean, and then the Ichthys interest shall be transferred, subject to the satisfaction of further conditions, to an existing joint venture participant in the Ichthys LNG project, MidOcean said.
In 2024, MidOcean also completed its deal to buy an additional 15 percent interest in Peru LNG from Hunt Oil, while it also purchased a 20 percent interest in Petronas’ entities in Canada, including a stake in the Shell-led LNG Canada project, in 2025.
