MidOcean Energy, a private equity investment firm backed by EIG, has completed the purchase of the equity interests of GNL Tokyo Gas. These potential liquefied natural gas projects in Australia were valued at a US$2.1 billion deal.
The important Tokyo Gas LNG
This acquisition, initially announced in October 2022, comprises a number of prominent projects in the LNG industry, such as Gorgon LNG, Pluto LNG and Queensland Curtis LNG, which are operated by Chevron, Woodside and Shell, respectively.
The newly acquired portfolio covers all phases of the LNG value chain, from production to marketing, representing a potential strategy for MidOcean. In this way, achieving the goal of becoming a key player in the global LNG market.
De la Rey Venter, CEO of MidOcean, mentioned the importance of this transaction, stressing that it strengthens its position in the global market and supports the transition to a low-carbon economy. to a low-carbon economy . Barrenjoey, Barclays and JP Morgan acted as financial advisors for this transaction, while White & Case provided legal advice.
Australia’s expectations
R. Blair Thomas, president and CEO of EIG highlighted the company’s belief in LNG’s critical role in transitioning effectively while offering differentiated exposure in this sector. As part of the acquisition, MidOcean will establish a new office in Perth, Australia, to manage and support the newly acquired operations, with high expectations for the Australian market.
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Source: MidOcean
Photo: Shutterstock
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