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Saudi Aramco buying American LNG

Saudi Arabian Oil Co, known as Aramco, has agreed to buy U.S. liquefied natural gas (LNG) from San Diego-based Sempra Energy’s Port Arthur project in Texas, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

The terms of the deal could not be determined and it was not clear if Aramco would also take an equity stake in the project, WSJ said.

It is unclear if the LNG will be used to power Saudi Arabia’s local economy, or sold to international buyers, according to the report.

Aramco and Sempra did not immediately respond to Reuters’ requests for comment on the WSJ report.

Aramco had been pushing its conventional and unconventional gas exploration and production program to feed its fast growing industries, as the company planned to increase gas output and become an exporter.

In the recent months, Aramco has been looking at gas assets in Russia, Australia and Africa.

Source: Reuters

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