Frontera Energy Corporation has agreed to acquire the remaining 36.36% stake in Pacific Midstream from International Financial Corporation (IFC) for a cash consideration of $225m.
Pacific Midstream holds a 43% interest in Oleoducto Bicentenario de Colombia, a 35% stake in Oleoducto de los Llanos Orientales, and 100% stake in Petroelectrica de los Llanos.
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The transaction will increase Frontera Energy’s stake in Pacific Midstream to 100% and will strengthen its products and services portfolio.
Pin Oak Corpus Christi has completed the acquisition of 100% interest in Gravity Midstream Corpus Christi (GMCC) from EnCap Flatrock Midstream.
The acquisition was funded through equity funding from Pin Oak Terminals, Dauphine Midstream, and Mercuria Energy Group.
GMCC is the owner and operator of the Gravity Midstream oil Terminal at Corpus Christi. The terminal has a storage capacity of 800,000 barrels.
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By GlobalDataThe transaction allows Pin Oak Corpus to fortify its midstream assets base.
Tokyo Gas Asia, a wholly owned subsidiary of Tokyo Gas and Development Bank of Japan (DBJ), completed the acquisition of a 33% stake in PT Panji Raya Alamindo from PT Rukun Raharja TBK through their newly established joint venture.
The transaction involved a purchase consideration of $35.72m.
Panji Raya offers liquefied petroleum gas (LPG) and natural gas distribution services. The acquisition allows Tokyo Gas to expand its operations, while enabling DBJ to extend its investment portfolio.
