Why Did Saudi Aramco Acquire Stake in MidOcean Energy?
On September 29, Saudi oil giant Aramco signed definitive agreements to acquire a strategic minority stake in MidOcean Energy for $500 million. MidOcean Energy is an LNG portfolio player owned and managed by US-based EIG Partners, a leading institutional investor specializing in private investments in global energy and energy-related infrastructure. This acquisition builds on the successful relationship between Aramco and EIG, knowing that the US investment firm was part of a consortium that acquired a 49% stake in Saudi Aramco Oil Pipelines Company, a subsidiary of Aramco, in 2021. The new deal, however, is still subject to closing conditions which include regulatory approvals.