Japanese trading house Mitsubishi Corp has made a strategic investment in MidOcean Energy, the LNG unit of US-based energy investor EIG.
EIG revealed the investment in a statement issued on Monday but the firm did not provide any additional details regarding the move.
It said that Mitsubishi’s investment will accelerate MidOcean’s strategy to create a “high quality, diversified, global ‘pure play’ integrated LNG company.”
Mitsubishi has been an active player in the LNG sector for over 50 years, with investments spanning 12 projects across eight countries.
EIG said this investment deepens MidOcean’s blue-chip investor base and builds on MidOcean’s significant momentum since launching in late 2022.
MidOcean recently announced the close of its acquisition of a portfolio of Australian LNG projects from Tokyo Gas.
The firm is working to significantly expand its business and last year energy behemoth Saudi Aramco agreed to buy a minority stake in the firm.
Besides this move, MidOcean recently purchased a stake in LNG terminal operator Peru LNG from a unit of South Korean conglomerate SK.
SK Earthon, a unit of SK Innovation, agreed to sell its 20 percent share in Peru LNG to MidOcean for about $256.5 million.
MidOcean’s CEO De la Rey Venter welcomed Mitsubishi as an anchor investor in MidOcean.
“Mitsubishi Corp has been a pioneer of the global LNG industry and has consistently demonstrated its expertise and foresight in identifying valuable opportunities. Their investment is a testament to the strong fundamentals of the LNG market and MidOcean’s strategy to create a competitive long-term growth platform in LNG for its investors,” he said.