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acquire a strategic minority stake in liquefied natural gas company MidOcean Energy for $500mn, with an option to increase the size of the shareholding. MidOcean is owned and managed by US investment firm EIG Partners, which led a consortium to buy a 49% stake in Aramco's oil pipelines business in 2021, a deal that raised $12.4bn for Aramco. "This is an important step in Aramco's strategy to become a leading global LNG player," Aramco Upstream President Nasir K. al-Naimi said in a statement, which did not disclose the size of the stake.
9.1.2 Automotive sector news
The number of Chinese-made electric cars going to Europe has soared in recent months, prompting a European Union probe into whether those vehicles are being unfairly subsidized. That follows similar dives into products such as paper, steel and solar panels, and may well lead to tariffs on exports from automakers such as BYD Co. and Nio Inc., or even Tesla Inc., which ships cars from its gigafactory in Shanghai. Click here for a look at how China subsidizes its EV industry and to what extent.
117 RUSSIA Country Report October 2023 www.intellinews.com