Dubai-Masaader News
Saudi Aramco has entered into a 20-year agreement with U.S.-based Sempra Energy to purchase liquefied natural gas(LNG) from its subsidiary Sempra LNG, the two companies said on Wednesday. According to Reuters.
The Saudi state oil giant plans to become a major global gas player while the U.S. market is undergoing a shale boom.
Aramco has been developing its own gas resources and eying gas assets in the United States, Russia, Australia and Africa.
The two companies are also finalizing a 25% equity investment in the phase 1 of Port Arthur LNG, they said in a joint statement. The sale-and-purchase agreement is for 5 million tonnes per annum (mtpa) of LNG from phase 1 of the Port Arthur LNG export project under development, the firms said.
The proposed Port Arthur LNG Phase 1 project is expected to include two liquefaction trains, up to three LNG storage tanks and associated facilities which should enable the export of about 11 mtpa on a long-term basis.