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EIG announced the investment in a statement on Tuesday.
In parallel with the investment, the Private Department and EIG have established a strategic partnership focused on capital aggregation, investment origination, and the development of institutional investment opportunities across the United Arab Emirates and selected regional markets.
The investment in MidOcean represents the Private Department’s entry into the global LNG sector and marks the launch of a broader strategic relationship with EIG, the firm said.
Through this partnership, the parties intend to collaborate on future investment opportunities across the energy and related infrastructure sectors.
EIG noted that the investment further strengthens MidOcean’s “high-quality institutional shareholder base and reflects continued confidence in the company’s strategy to build a diversified, resilient, and long-life global LNG platform.”
MidOcean has assembled a portfolio of LNG interests across key global markets, including Canada, Australia, and Latin America, and seeks to continue to expand its global footprint through a disciplined and value-driven investment approach, the statement said.
The Arab Energy Fund also recently decided to invest $120 million in MidOcean.
In March this year, Japan’s Idemitsu Kosan also announced it would invest $500 million in MidOcean, marking the first step in its full-scale entry into the LNG business, while Japanese city gas supplier and LNG import terminal operator, Shizuoka Gas, decided to invest $100 million in MidOcean.
During the same month, MidOcean, in which Saudi Arabia’s energy behemoth Aramco has a 49 percent stake, 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.
MidOcean is an existing participant in the Gorgon LNG project, which earlier this year 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.
