Saudi Arabian Oil Co. (Aramco) has made its first investment in the LNG sector, taking a minority stake in MidOcean Energy for $500 million as it looks to become a leading global player in the natural gas export market. 

MidOcean, formed by institutional energy investor EIG in 2022 to build a global liquefied natural gas portfolio, is working to acquire stakes in multiple LNG facilities in Australia, but plans to expand its reach with the Aramco investment. 

“We anticipate strong demand-led growth for LNG as the world continues on its energy transition journey, with gas being a vital fuel and feedstock in various industries,” said Aramco CEO Amin H. Nasser. “We believe that gas will be important in meeting the world’s rising need for secure, accessible and more...