An Emirati company is investing $1.13 billion in Mid Ocean Energy, a gas company.

SAUDI ARAMCO
Tadawul All Shares Index

SAUDI ARAMCO

2222.SA

0.00

Tadawul All Shares Index

TASI.SA

0.00

- The private office of UAE Sheikh Mohammed bin Khalid Al Nahyan and liquefied natural gas company MedOcean Energy said the office has committed to investing $1.13 billion in MedOcean.

The Private Department is an investment firm owned by members of the ruling family in Abu Dhabi.

Here are some details:

  • The department and the company said this deal represents the department's first investment in the global liquefied natural gas sector.

  • In parallel, the department and the company also established a strategic partnership focused on raising capital and developing new investment opportunities.

  • The department and the company will also work through the partnership to explore investment opportunities in the energy sector and related infrastructure in the UAE and the region.

  • This investment strengthens Med Ocean Energy's "shareholder base".

  • MedOcean is a subsidiary of EIG and aims to invest directly in the liquefied natural gas sector. It is backed by oil giant Saudi Aramco and Mitsubishi.

  • MedOcean has created a platform with a balance sheet exceeding five billion dollars and holds stakes in liquefied natural gas projects in the Americas and Australia.

  • The Executive Managing Director of the Private Department, Matar Hamdan Al Ameri, said that this investment "represents an important milestone within the Private Department's strategy to build long-term exposure to high-quality global assets in the energy and infrastructure sectors, while providing opportunities for investors in the region to invest alongside leading global institutions."