Saudi Oil Giant Aramco has signed an agreement
Saudi Oil Giant Aramco has signed an agreement to buy U.S. liquefied natural gas from San Diego-based utility Sempra Energy.
- The agreement would see Aramco buy 5 million tons of liquefied natural gas per year. From Sempra’s Port Arthur, Texas export terminal.
- This would be Aramco’s first deal to buy LNG from the United States. And advance the oil giant’s goal of becoming a major player in the growing global gas market.
- If finalized, the deal would make it that Sempra Energy gives the green light to its Port Arthur LNG facility.
Sempra LNG and Aramco Services Company, Signed a Heads of Agreement
Subsidiaries of the two companies, Sempra LNG and Aramco Services Company, announced on Wednesday that they’ve signed a heads of agreement. Which sets up a deal that would see Sempra sell Aramco 5 million tons per year of LNG for the next 20 years. The agreement is subject to negotiation and finalization.
The agreement will see Aramco make a 25% equity investment in the facility.
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Source: CNBC
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