Japan's Idemitsu to invest $500 million in MidOcean to enter LNG business
An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan, on Nov 12, 2021, in this photo taken by Kyodo. (Photo: Mandatory credit Kyodo/via REUTERS)
(Corrects to show MidOcean as London-based, not Australian, in first paragraph, removes reference from headline)
TOKYO, March 17 : Idemitsu Kosan, Japan's second-biggest oil refiner, said on Tuesday it will invest $500 million in London-based MidOcean Energy as part of a move towards a full-scale entry into the LNG business.
MidOcean Energy is an LNG platform backed by U.S. energy-focused private equity firm EIG.
Idemitsu aims to secure business opportunities in the LNG sector and will work to ensure a more stable energy supply, it said.
The investment agreement is scheduled to be signed by the end of March and is subject to the necessary regulatory approvals.
Idemitsu is involved in gas field development projects in Vietnam and natural gas supply operations for gas-fired power stations co-located with data centres in North America.
A company spokesperson declined to comment on the size of the stake Idemitsu will buy in MidOcean, adding that it will explore all opportunities across the LNG value chain, from upstream to downstream.
