DUBAI — Saudi Aramco has signed an agreement for a minority stake in MidOcean Energy, a US liquified natural gas (LNG) company, for $500 million. It is the Saudi company’s first international LNG investment, according to a press release by the oil giant on Thursday.
MidOcean is owned by the Washington-headquartered investment firm EIG Global Energy Partners.
Thursday’s agreement expands on a relationship between Saudi Aramco, officially the Saudi Arabian Oil Group, and EIG, which in 2021 led a consortium to buy a 49% stake in the Aramco Oil Pipelines Company. The partnership raised $12.4 billion for Saudi Aramco.
The completion of Thursday’s agreement remains pending, awaiting regulatory approvals and other conditions for closure. The deal would give Saudi Aramco the option to increase its MidOcean shares in the future.
