EIG’s MidOcean wraps up stake purchase in Peru LNG

MidOcean Energy, the LNG unit of US-based energy investor EIG, has completed its previously announced purchase of a 20 percent stake in LNG terminal operator Peru LNG from a unit of South Korean conglomerate SK.

SK Earthon, a unit of SK Innovation, said in February it has agreed to sell its share in Peru LNG to MidOcean for about $256.5 million.

Following the completion of the deal, MidOcean now holds a 20 percent stake in Peru LNG, the same as LNG giant Shell that also offtakes all of the volumes from the 4.45 mtpa LNG plant at Pampa Melchorita.

US-based Hunt Oil holds a 50 percent operating stake in the LNG plant, while Japan’s Marubeni has a 10 percent stake in Peru LNG.

Besides liquefaction facilities, Peru LNG’s assists include a 408km-long pipeline with 1,290 mmcf/d capacity, two 130,000 cbm storage tanks, a 1.4 km-long marine terminal, and a truck loading facility with capacity of up to 19.2 mmcf/d.

The facility is one of only two LNG production facilities in Latin America, located in Pampa Melchorita, 170km south of Lima.

Peru LNG has increased its exports last year compared to the year before, and it also expects to boost the number of shipments in 2024.

The terminal loaded 55 vessels in 2023, compared to 51 vessels in 2022, and it expects to load 60 vessels in 2024.

The completion of this transaction follows MidOcean’s recent announcement of a strategic investment by Japan’s Mitsubishi Corporation and the completion of its acquisition of Tokyo Gas Co’s interests in a portfolio of Australian integrated LNG projects.

De la Rey Venter, MidOcean’s CEO said the completion of this investment is “an important milestone in our efforts to create a global, diversified and resilient portfolio of LNG assets.”

“As the only LNG export facility in South America, PLNG is uniquely positioned in the global marketplace. PLNG also plays an important role in providing gas and LNG to customers in Peru,” he said.

Most Popular

Energy Transfer seals Lake Charles LNG supply deals

Texas-based Energy Transfer has signed new supply deals for its planned Lake Charles LNG export facility in Louisiana as it works to take a final investment decision by the end of this year, according to its management.

Germany, Egypt seal FSRU charter deal

Germany's Ministry for Economic Affairs and Energy has signed a deal with Egypt's state-owned EGAS to charter the 174,000-cbm FSRU Energos Power.

Woodside terminates Commonwealth LNG SPA

Australian LNG player Woodside has terminated its two LNG sale and purchase agreements with US LNG terminal developer Commonwealth LNG.

More News Like This

Peru LNG terminal shipped three cargoes in April

Peru LNG’s liquefaction plant at Pampa Melchorita has shipped three liquefied natural gas cargoes in April due to restrictions on the transportation system, according to operator Hunt Oil.

South Korea’s Komipo, partners launch tender for one spot LNG cargo

Korea Midland Power (Komipo), Korea Southern Power (Kospo), and a unit of SK released a tender inviting firms to submit bids for one spot LNG shipment for delivery in June.

Energy Transfer seeks FERC extension for Lake Charles LNG export terminal

Texas-based Energy Transfer is seeking an extension of time from the US FERC to complete and place into service its planned Lake Charles LNG export facility in Louisiana.

Energy Transfer, EIG’s MidOcean to jointly develop Lake Charles LNG project

MidOcean Energy, the LNG unit of US-based energy investor EIG, has signed a heads of agreement with Energy Transfer to jointly develop the latter's Lake Charles LNG export facility in Louisiana.