EIG’S MIDOCEAN ENERGY WRAPS UP STAKE PURCHASE IN PERU LNG

KUALA LUMPUR, Oct 25 (Bernama) -- MidOcean Energy (MidOcean), a liquefied natural gas (LNG) company formed and managed by EIG, announced the completion of its previously announced agreement to acquire an additional 15 per cent interest in Peru LNG (PLNG) from Hunt Oil Company (Hunt).

According to a statement, MidOcean’s interest in PLNG now stands at 35 per cent while Hunt will remain the operator of PLNG.

One of only two LNG production facilities in Latin America, PLNG owns and operates the only LNG export facility in South America, which is located in Pampa Melchorita, 170 kilometres (km) south of Lima, Peru.

PLNG’s assets consist of a natural gas liquefaction plant with 4.45 million metric tonnes per annum (mmtpa) processing capacity; a fully-owned 408 km pipeline with 1,290 million cubic feet per day (mmcf/d) capacity; two 130,000 cubic metre storage tanks; a fully-owned 1.4 km marine terminal; and a truck loading facility with a capacity of up to 19.2 mmcf/d.

Morgan Stanley acted as exclusive financial advisor to MidOcean on the transaction and Latham & Watkins acted as legal advisor, while Bracewell LLP served as legal advisor to Hunt.

An institutional investor in the global energy and infrastructure sectors, EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations, and sovereign wealth funds in the United States, Asia, and Europe.

-- BERNAMA