PLNG owns and operates the first LNG export plant in South America, a natural gas liquefaction plant, a 408km pipeline with 1,290mmcf/d capacity, two 130,000m3 storage tanks, a 1.4 km marine terminal and a truck-loading facility with up to 19.2mmcf/d capacity
MidOcean Energy, an LNG company managed by US-based investment management company EIG, has agreed to acquire SK Earthon’s (SK’s) 20% interest in Peru LNG (PLNG).
PLNG owns and operates the first LNG export plant in South America, located in Pampa Melchorita, 170km south of Lima, Peru.
Its assets include a natural gas liquefaction plant with 4.45mmtpa processing capacity, a 408km pipeline with 1,290mmcf/d capacity, and two 130,000m3 storage tanks.
The company also owns a 1.4km marine terminal and a truck-loading facility with up to 19.2mmcf/d capacity.
PLNG is operated by Hunt Oil and is one of only two LNG production facilities in Latin America.
MidOcean Energy CEO De la Rey Venter said: “We’re 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.
“We look forward to joining the PLNG partnership and contributing to the long-term prosperity of that venture and its work toward being a positive role in the Peruvian energy market.”
According to EIG, the natural gas sector is an important part of the Peruvian energy mix, supporting electricity generation for the industrial sector along with other applications.
PLNG is a highly strategic asset to the Peruvian natural gas sector and provides a path to monetise its natural gas resources through export.
It also plays an important role in supplying LNG to residential and industrial customers, along with CNG-powered vehicles in various cities across the country.
MidOcean is in the process of completing its acquisition of Tokyo Gas’ interests in four Australian LNG projects for $2.15bn, which is expected by the end of this month.
Morgan Stanley served as an exclusive financial advisor to MidOcean on the transaction.
Based in Washington, DC, EIG is focused on investing in the global energy and infrastructure sectors with $22.9bn under management as of 31 December 2023.