Aramco to Enter Global LNG Business by Acquiring Stake in MidOcean Energy

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)
An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)
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Aramco to Enter Global LNG Business by Acquiring Stake in MidOcean Energy

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)
An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)

Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, has signed definitive agreements to acquire a strategic minority stake in MidOcean Energy for $500 million, reported the Saudi Press Agency on Thursday.

MidOcean Energy is a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors.

MidOcean Energy is currently in the process of acquiring interests in four Australian LNG projects, with a growth strategy to create a diversified global LNG business. The strategic partnership with MidOcean Energy marks Aramco’s first international investment in LNG.

The agreement builds on the relationship between Aramco and EIG, which was part of a consortium that acquired a 49% stake in Aramco Oil Pipelines Company, a subsidiary of Aramco, in 2021.

Completion of the transaction is subject to closing conditions which include regulatory approvals. Aramco also has the option to increase its shareholding and associated rights in MidOcean Energy in the future.

Aramco President and CEO Amin H. Nasser said: “We are pleased to be strengthening our strategic partnership with EIG through this acquisition, which marks Aramco’s first international investment in LNG.”

“We anticipate strong demand-led growth for LNG as the world continues on its energy transition journey, with gas being a vital fuel and feedstock in various industries. We believe that gas will be important in meeting the world’s rising need for secure, accessible and more sustainable energy,” he added.

Aramco Upstream President Nasir K. Al-Naimi said: “This is an important step in Aramco’s strategy to become a leading global LNG player. We see significant opportunities in this market, which is positioned for structural, long-term growth.”

“MidOcean Energy is well-equipped to capitalize on rising LNG demand, and this strategic partnership reflects our willingness to work with leading international players to identify and unlock new opportunities at a global level,” he remarked.

EIG Chairman and CEO Blair Thomas said: “Energy transition informs every investment decision we make, and we believe LNG has a key role to play in enabling an orderly transition that balances society’s twin goals of decarbonization and energy security. Concurrent with that, we believe the LNG industry is ripe for change and there is a role for a nimble, pure-play company like MidOcean Energy.”

“While our initial focus is on the announced transactions in Australia, we believe the opportunity set is global. We are excited to expand our existing partnership with Aramco to include this important initiative.”

MidOcean Energy CEO De la Rey Venter said: “It is an honor for MidOcean Energy to have Aramco as a key shareholder and strategic partner. We share the conviction that LNG is an integral enabler of the global energy transition, and we believe that the global LNG industry has strong fundamentals for many decades to come.”

“Synergistic partnerships are core to how MidOcean Energy will do business, grow and thrive. In Aramco, we have a partner that has long-term thinking in its DNA and an unwavering commitment to enduring collaborations. We look forward to pursuing many new opportunities together.”



US Treasury's Bessent Urges IMF, World Bank to Refocus on Core Missions

 Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)
Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)
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US Treasury's Bessent Urges IMF, World Bank to Refocus on Core Missions

 Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)
Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)

US Treasury Secretary Scott Bessent on Wednesday called on the International Monetary Fund and World Bank to refocus on their core missions of macroeconomic stability and development, arguing that they have strayed too far into vanity projects such as climate change that have reduced their effectiveness.

Bessent, in remarks outlining his vision for US engagement with the IMF and World Bank on the sidelines of the institutions' spring meetings, said that they serve critical roles in the international financial system.

"And the Trump administration is eager to work with them - so long as they can stay true to their missions," Bessent said in prepared remarks to the Institute of International Finance.

"The IMF and World Bank have enduring value. But mission creep has knocked these institutions off course. We must enact key reforms to ensure the Bretton Woods institutions are serving their stakeholders - not the other way around," he said, calling on US allies to join the effort. "America First does not mean America alone."

Bessent said the IMF needed to focus on its key mandate and adhere to strong standards in its lending.

"The IMF was once unwavering in its mission of promoting global monetary cooperation and financial stability. Now it devotes disproportionate time and resources to work on climate change, gender, and social issues. These issues are not the IMF's mission."

"And sometimes, the IMF needs to say 'No.' The organization has no obligation to lend to countries that fail to implement reforms."

Bessent added that the World Bank must be "tech-neutral and prioritize affordability in energy investment. In most cases, this means investing in gas and other fossil fuel-based energy production."

He added that it could also finance renewable energy projects along with systems to manage energy latency in wind and solar.