MidOcean Energy receives $120-million investment from The Arab Energy Fund
MidOcean Energy LLC, an LNG company formed and managed by EIG, received a $120-million equity investment from The Arab Energy Fund (TAEF).
MidOcean, in a release May 20, said it will continue to raise capital, with a cumulative target of up to $2 billion from new investors as seeks to build "a diversified, resilient, cost and carbon competitive LNG portfolio." In March of this year, MidOcean noted equity capital commitments from Idemitsu Kosan ($500 million), and additional commitments ($790 million) from unnamed new and existing investors.
In addition to TAEF becoming a shareholder in MidOcean, the two companies “are seeking collaboration opportunities across energy infrastructure in the Middle East,” said R. Blair Thomas, MidOcean chairman and EIG chief executive officer.
“Our investment in MidOcean Energy reflects the Fund’s commitment to supporting strategic energy platforms that contribute to global energy security and a more sustainable energy mix,” said Khalid Al-Ruwaigh, chief executive officer of The Arab Energy Fund.