MidOcean considers PLNG to be a highly strategic asset in the Peruvian natural gas sector. Credit: zhao chen on Unsplash.

MidOcean Energy, a portfolio company of private equity investor EIG, has agreed to acquire a 20% interest in PLNG from SK Earthon.

Reputed to be the first liquefied natural gas (LNG) export plant in South America, Peru LNG is located in Pampa Melchorita, 170km south of Lima, Peru.

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PLNG’s assets include a liquefaction plant with a capacity of 4.45 million tonnes per annum, a 408km pipeline, storage tanks, a marine terminal and a truck-loading facility.

In a press statement, MidOcean said: “We believe PLNG is a highly strategic asset to the Peruvian natural gas sector.”

The acquisition is seen as a key step in monetising Peru’s natural gas resources and supporting the country’s energy mix, which relies heavily on natural gas for electricity generation and various residential applications.

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MidOcean Energy CEO De la Rey Venter said: “We are excited about this acquisition as it reflects another notable step in MidOcean’s strategy to create a global, diversified and resilient LNG portfolio. PLNG is an asset we know and admire, with sound long-term fundamentals, a strong management team and reliable operations.”

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The Peru LNG transaction is subject to customary closing conditions. Morgan Stanley is serving as the exclusive financial advisor to MidOcean.

Meanwhile, MidOcean is finalising the purchase of interests in four integrated LNG projects in Australia from Japan’s Tokyo Gas for $2.15bn. The transaction is expected to close by the end of February 2024.

Under the deal, which was announced in October 2022, MidOcean is acquiring Tokyo Gas’ stakes in the Gorgon, Ichthys, Pluto and Queensland Curtis LNG projects.