South Korea's SK Holdings Co. Ltd. said May 18 it had decided to invest $250 million in Brazos Midstream Holdings LLC, a U.S. shale gas gathering and processing company, to expand its energy businesses.
The South Korean company said in a statement that the investment would be made through its U.S.-based unit Plutus Capital.
Brazos Midstream, a private natural gas and crude oil midstream company, is headquartered in Texas.
The company and its financial sponsor, Old Ironsides Energy, announced in early April that they had agreed to sell their Delaware Basin subsidiary companies to North Haven Infrastructure Partners II (NHIP II) and related funds for about $1.75 billion in cash.
Closing of the divestiture is expected in second-quarter 2018 and is subject to customary approvals and closing conditions. NHIP II is an investment fund managed by Morgan Stanley Infrastructure.
Recommended Reading
E&P Highlights: Feb. 12, 2024
2024-02-12 - Here’s a roundup of the latest E&P headlines, including more hydrocarbons found offshore Namibia near the Venus discovery and a host of new contract awards.
NSTA Awards 24 More Licenses in 33rd Round
2024-01-31 - Shell, Equinor, BP, TotalEnergies and NEO were among the companies offered in the second batch of licenses covering 74 blocks and part blocks.
ChampionX to Acquire RMSpumptools, Expanding International Reach
2024-03-25 - ChampionX said it expects the deal to extend its reach in international markets including the Middle East, Latin America and other global offshore developments.
UK’s Union Jack Oil to Expand into the Permian
2024-01-29 - In addition to its three mineral royalty acquisitions in the Permian, Union Jack Oil is also looking to expand into Oklahoma via joint ventures with Reach Oil & Gas Inc.
Elk Range Royalties Makes Entry in Appalachia with Three-state Deal
2024-03-28 - NGP-backed Elk Range Royalties signed its first deal for mineral and royalty interests in Appalachia, including locations in Pennsylvania, Ohio and West Virginia.