MinterEllison and Nishimura & Asahi have advised Japanese petroleum refining and energy company Idemitsu Kosan on its USD500 million investment in liquefied natural gas (LNG) enterprise MidOcean Energy.
The investment is part of MidOcean Energy’s USDD1.2 billion global equity raise.
MinterEllison assisted on all Australian legal aspects of the transaction, including comprehensive due diligence, Australian law input into the transaction documents, and regulatory advice.
The team was led by partners Geread Dooley, who is also the firm’s Japanese practice leader, and David Perks.
“The investment marks Idemitsu’s first full-scale entry into the LNG sector and a significant step in advancing its long-term energy supply and growth strategy,” Dooley told Asia Business Law Journal.
“As part of MidOcean Energy’s USD1.2 billion global equity raise, it also reflects the strength of ongoing investment flows between Japan and Australia, as well as the important role Australian LNG assets continue to play in supporting global energy security as the transition to lower-emission energy sources continues.”
Nishimura & Asahi acted as the global main counsel for Idemitsu Kosan, with Tokyo-based partners Yuki Oi, Takeshi Nemoto and Toshihito Yasaki spearheading the team.
MidOcean Energy has USD25.4 billion in assets under management, including LNG interests in Australia, Canada and Peru.
