PETRONAS has entered into a long-term strategic partnership with MidOcean Energy, a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, through a 20 per cent strategic equity participation in its subsidiaries in Canada.
PETRONAS will be introducing MidOcean as a 20 per cent equity partner in the North Montney Upstream Joint Venture (NMJV), which holds PETRONAS' upstream investments in Canada. PETRONAS will also share 20 per cent equity in the North Montney LNG Limited Partnership (NMLLP), the entity which controls PETRONAS' participating interest in the LNG Canada Project.
PETRONAS remains committed to its investments in Canada and this equity participation will not affect PETRONAS' existing control over NMJV and NMLLP. PETRONAS' partnership with MidOcean underscores the strength and long-term potential of the North Montney assets, while reinforcing Canada's position as a compelling destination for global energy investment and LNG industry growth.
MidOcean was established to build a diversified, resilient, cost and carbon-competitive global LNG portfolio, with interests in Gorgon LNG, Pluto LNG, QCLNG and Peru LNG. The strategic partnership with MidOcean paves the way for potential future collaboration, unlocking additional value through shared opportunities.
Lambert Energy Advisory acted as the financial adviser and Norton Rose Fulbright acted as the legal adviser to PETRONAS.
Source: PETRONAS
