Saudi Aramco signed a 20-year agreement to buy liquefied natural gas (LNG) from a forthcoming export terminal in Texas that U.S.-based Sempra Energy is developing, the two companies said on Wednesday.
Source: www.reuters.com
Saudi Aramco has entered into a 20-year deal to buy liquefied natural gas (LNG) from Sempra Energy’s forthcoming export terminal in Texas. The deal will provide Saudi with access to some of the world’s cheapest and most abundant natural gas via the U.S. shale boom. The sale-and-purchase agreement is for 5 million tonnes per annum (MTPA) of LNG, equivalent to about 0.7 bcfd of natural gas. According to energy consultancy Wood Mackenzie, the deal marks as Saudi Arabia’s first known nonbinding agreement to buy LNG, and the largest LNG deal since 2013.
