DUBAI,— The Private Department of Sheikh Mohammed bin Khalid Al Nahyan MBZ, an investment firm owned by members of Abu Dhabi’s ruling family, will invest $1.13 billion in liquefied natural gas company MidOcean Energy, the two firms said, Reuters reported Tuesday.
The deal marks the Private Department’s first investment in the global LNG sector, the companies said.
The two firms have also formed a strategic partnership focused on capital aggregation and investment origination.
The partnership will also look at investment opportunities in energy and related infrastructure sectors across the United Arab Emirates and the wider region.
The investment adds to MidOcean’s “high-quality institutional shareholder base,” the firms said.
MidOcean is the LNG investment arm of private equity firm EIG. The company is also backed by Saudi Arabia’s oil giant Saudi Aramco and Japan’s Mitsubishi.
MidOcean has built a platform with a balance sheet worth more than $5 billion, holding stakes in LNG projects in the Americas and Australia.
Matar Hamdan Al Ameri, executive managing director of the Private Department, said the investment supports its strategy to “create opportunities for regional investors to participate alongside leading institutional partners.”
(With files from Reuters)
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