Saudi Aramco agreed to buy 5 million tons of liquefied natural gas (LNG) per year from the US company Sempra over a period of 20 years, Arab News reported on June 26.
The agreement follows the announcement by subsidiaries of both companies that they have signed a non-binding agreement under which Saudi Aramco will receive liquefied natural gas from the Port Arthur LNG Phase 2 expansion project in Texas.
Port Arthur LNG is a natural gas liquefaction and export terminal in southeast Texas with direct access to the Gulf of Mexico.
The move corresponds to Aramco’s 25 percent shareholding in the second phase of the project.
Saudi Aramco President of Production Nasir Al-Naimi said that “As a potential strategic partner in the second phase of the Port Arthur project, Aramco is well positioned to expand its gas portfolio to meet the growing global need for low-carbon energy sources”. Al-Naimi added that this agreement is “an important step” on the path to transforming the company into a leading global player in the liquefied natural gas sector.
Source: Rossa Primavera
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