DUBAI, Sept 16 (Reuters) - Saudi Aramco will increase

its stake in liquefied natural gas firm MidOcean Energy to 49%

and fund its acquisition of a new 15% stake in Peru LNG from

Hunt Oil Company, MidOcean and Hunt said on Monday.

The Saudi oil giant agreed to buy a minority stake in

MidOcean from EIG for $500 million last year, its first foray

into LNG abroad, without disclosing the stake's size.

Aramco, the world's top oil exporter, is seeking to

strengthen its position in the LNG market, which is set to grow

by 50% globally by 2030, especially in the United States where

LNG capacity is set to almost double over the next four years.

MidOcean did not disclose how much it is paying for the

stake in Peru LNG (PLNG) or the value of Aramco's funding.

Aramco declined to comment beyond the statement.

Representatives for EIG did not immediately respond to

emailed requests for comment.

"We are focused on positioning the PLNG project for the

future, and the opportunity to bring in MidOcean as a partner

was a great strategic fit to make that happen," Hunt CEO Mark

Gunning said in the statement.

Hunt declined to comment beyond the statement.

Washington, DC-headquartered MidOcean bought a 20% stake in

PLNG for $256.5 million in April.

MidOcean and Hunt will each hold a 35% stake in PLNG when

the deal closes, MidOcean said in its statement.

"Aramco's further investment in MidOcean strengthens

MidOcean and Aramco's position in the global LNG market and will

provide both parties with further exposure to the only LNG

export project in South America," MidOcean said.

Aramco will hold an indirect stake of 17.2% in PLNG. Hunt

continues to hold a 25.2% holding in the Camisea upstream

project in Peru, where it has been invested since 2000, MidOcean

said.

PLNG's assets include a natural gas liquefaction plant with

a 4.45 million tons per annum (mtpa) processing capacity.

Aramco Chief Executive Amin Nasser said earlier this year

his company may partner with MidOcean to invest in LNG projects

outside of Australia.

Aramco's interest in MidOcean deepens its relationship with

EIG, which led a consortium to buy a 49% stake in Aramco's oil

pipelines business in 2021 for $12.4 billion.

MidOcean announced in March the close of its acquisition of

Australian LNG projects from Japan's Tokyo Gas ( TKGSF ).