Aramco to Enter Global LNG With Stake in MidOcean Energy (2)

Saudi Aramco agreed to buy a stake in MidOcean Energy for $500 million, its first investment in liquefied natural gas as the company seeks to diversify beyond its core oil business.

Aramco is bringing its financial heft to LNG at a time when global demand for the fuel has surged, particularly in Europe which is replacing reduced pipeline supplies from Russia. The deal underscores a push to get Saudi companies to invest more internationally alongside efforts to branch out from oil under Crown Prince Mohammed bin Salman’s Vision 2030 development plan.

MidOcean Energy is in the process of acquiring interests ...