MidOcean completes acquisition of SK E&S's interest in Peru LNG
MidOcean Energy, a subsidiary of EIG, on April 23 announced the completion of its previously announced agreement to acquire South Korea-based SK Earthon's (a unit of SK E&S) 20% interest in Peru LNG.
Peru LNG's assets include a natural gas liquefaction plant with a processing capacity of 4.45mn tonnes/year, a 408-kilometer-long pipeline, two 130,000 m3 storage tanks, a marine terminal spanning 1.4 km, and a truck loading facility. Operated by Hunt Oil Company, Peru LNG stands as one of only two LNG production facilities in Latin America, located in Pampa Melchorita, approximately 170 km south of Lima.
MidOcean has characterised the PLNG facility as a “highly-strategic” asset within the Peruvian natural gas sector, providing a key route to monetising the country’s natural gas resources. It also supplies LNG to residential and industrial customers and to CNG-powered vehicles across the country.
This transaction follows MidOcean's recent announcement of a strategic investment by Japan's Mitsubishi Corporation and the acquisition of Tokyo Gas interests in a portfolio of Australian integrated LNG projects.