Aramco to sign MoUs with NextDecade, Sempra for 6.2 MMt of LNG
Saudi Aramco will sign on Tuesday memoranda of understanding (MoUs) with U.S. liquefied natural gas (LNG) producer NextDecade and utility firm Sempra, Aramco's chief executive said, as the oil giant expands in the LNG market.
"The U.S. today, in terms of gas, is almost $100 B in sales ... and it is continuously increasing," Aramco's CEO Amin Nasser told the U.S.-Saudi Investment Forum in Riyadh.
"The U.S. is really a good place to put our investment," he added, noting that under the MoUs Sempra and NextDecade would supply around 6.2 MMt of LNG to Aramco.
The United States is already the world's largest exporter of LNG and producers have plans in place that would double capacity in coming years.
NextDecade last month signed a deal with a subsidiary of Aramco, which is seeking to become a big player in the LNG market, under which the U.S. firm will supply the superchilled gas from its Rio Grande facility for 20 yr.
"We do have other investments. So, we're looking at, by 2030, almost 7.5 MMt of LNG," Nasser noted, speaking of expansion plans.
Nasser also said that one of the investments that Aramco plans to sign on Tuesday involved an expansion of the Motiva Port Arthur's refinery in the U.S., noting the oil giant would invest $3.4 B in the refinery.
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