MidOcean Energy, a liquefied natural gas (LNG) company formed and managed by EIG, has acquired a 20 percent interest in PETRONAS’ key entities in Canada.
The transaction includes a 20 percent interest in the North Montney Upstream Joint Venture, which holds PETRONAS’ upstream investment in Canada, and a 20 percent interest in the North Montney LNG Limited Partnership (NMJV), which holds PETRONAS’ 25 percent participating interest in the LNG Canada Project (NMLLP).
In September, PETRONAS entered into a long-term strategic partnership with MidOcean Energy through a 20 percent strategic equity participation in its subsidiaries in Canada. At that time, PETRONAS said it remains committed to its investments in Canada and assured that this equity participation would not affect its existing control over NMJV and NMLLP.
Financial terms of the deal were not disclosed.
