Aramco, the Saudi Arabian multinational petroleum and natural gas company, recently expanded its portfolio by stepping into the Liquefied Natural Gas (LNG) business. The move came about following the acquisition of a minority stake in EIG's MidOcean Energy this past September. This significant stride is expected to see the company gain ground in the highly competitive commodities market, particularly focusing on crude oil.
1. Saudi Arabian multinational petroleum and natural gas company Aramco has entered into the Liquefied Natural Gas (LNG) business.
2. Aramco's entry into the LNG business occurred after acquiring a minority stake in EIG's MidOcean Energy in September of the previous year.
3. The move is anticipated to help Aramco capture a larger share of the competitive commodities market, with a particular emphasis on crude oil.
4. By branching out from dealing exclusively with crude oil, Aramco is diversifying its revenue streams which could increase their financial stability amidst fluctuating global oil prices.
5. The acquisition of a part in EIG's MidOcean Energy is a significant milestone for Aramco, signifying its venture into the growing LNG markets.
In September 2021, Aramco acquired a minority stake in EIG's MidOcean Energy to expand into the Liquefied Natural Gas (LNG) business.
Following their venture into liquefied natural gas (LNG), Aramco acquired a minority stake in EIG's MidOcean Energy in September of the previous year. This has added a new facet to Aramco's business portfolio, branching out from exclusively dealing with crude oil. This expansion strategy seeks to diversify Aramco's overall revenue streams, thus potentially increasing their financial stability amid fluctuating global oil prices. The acquisition also marks a significant milestone as Aramco ventures into the growing LNG markets.