Japanese refiner Idemitsu to invest $500 MM in Australian Midocean to enter LNG business
Idemitsu Kosan, Japan's second-biggest oil refiner, said it will invest $500 million in Australia's 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 the Australian company, adding that it will explore all opportunities across the LNG value chain, from upstream to downstream.
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