MidOcean Energy (“MidOcean” or the “Company”), a liquefied natural gas (LNG) company formed and managed by EIG, today announced a $120 million equity investment from The Arab Energy Fund (‘’TAEF’’), a leading multilateral impact financial institution, as part of its current equity capital raise.
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TAEF’s investment further strengthens MidOcean’s high-quality investor base and underscores continued strong interest in the Company’s strategy to build a diversified, resilient and long-life global LNG business.
There is significant further momentum from additional investors currently in documentation, and MidOcean will continue to raise capital, with a cumulative target of up to $2 billion from new investors.
R. Blair Thomas, MidOcean Chairman and EIG CEO, said: “We are delighted to welcome The Arab Energy Fund as a shareholder in MidOcean. Their significant expertise in energy investments is a strong validation of MidOcean’s strategy to build a leading global LNG business. In parallel, EIG and TAEF are seeking collaboration opportunities across energy infrastructure in the Middle East, with the aim of further deepening our relationship.”
De la Rey Venter, CEO of MidOcean, said: “This investment supports our strategy of building a diversified LNG portfolio and positions us well to execute on our identified growth opportunities. We welcome TAEF with its more than 50 years of experience in energy investing and focus on energy security and sustainability.”
Khalid Al-Ruwaigh, CEO of The Arab Energy Fund, said: “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. LNG continues to play a critical role as a reliable and flexible energy source, and MidOcean’s disciplined approach and high-quality asset base align well with our long-term investment strategy. EIG is a great partner and we look forward to unlocking further value through collaboration across energy infrastructure, particularly in the Middle East.”
Important Notice
This announcement is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to subscribe for or purchase any securities. Any offering will be made only pursuant to applicable offering documents and in compliance with applicable securities laws.
* Article first published on: itweb.africa
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