Saudi Aramco (2222) announced in a statement on the energy company’s official website, yesterday, Wednesday, the signing of a preliminary, non-binding, 20-year agreement with Sempra, one of the energy infrastructure companies in the United States.
According to the statement, the partnership between Aramco and Sempra aims to buy and sell five million tons per year of LNG from the Port Arthur Phase II expansion project. The initial deal also includes Saudi Aramco’s 25% stake in this phase of the project. Aramco and Sempra expect to conclude a final binding agreement.
In this regard, Bloomberg News Agency reported that Saudi Arabia and the United Arab Emirates are exploiting export projects in the United States to obtain fuel supplies, as the countries pump money into producing domestic gas to meet local energy and industrial demand, while building commercial operations to ship liquefied natural gas from international sources.
