AsianOil: EIG vehicle snaps up stakes in Australian LNG projects for $2.15bn

MidOcean Energy, backed by US private equity group EIG, has struck a deal to acquire Tokyo Gas’ interests in four integrated Australian LNG projects for $2.15bn in cash, EIG said in a statement on October 7.
The projects – Gorgon LNG, Ichthys LNG, Pluto LNG and Queensland Curtis LNG – are situated on Australia’s east and west coasts and are major suppliers of LNG to Asian markets. They have “a diverse set of long-dated take-or-pay contracts with investment-grade counterparties and to Australia’s domestic gas markets,” EIG said.
The shares that MidOcean is set to acquire give the company a portfolio of 1mn tonnes per year (tpy) of LNHG supply and “production that is underpinned by long-life reserves and a globally competitive cost structure,” EIG SAID.

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