Saudi oil Giant Aramco strikes deal to buy US natural gas from Sempra Energy

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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