An Emirati company is investing $1.13 billion in Mid Ocean Energy, a gas company.
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DUBAI, July 7 (Reuters) - 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."
