Aramco signs MoUs for 6.2 Million Tons of LNG with NextDecade and Sempra

Saudi Aramco, the oil giant, will sign memorandums of understanding on Tuesday with NextDecade, a U.S. natural gas producer, and Sempra, a utility firm, according to Aramco’s CEO. The move comes as Aramco expands its LNG market.

Amin Nasser, CEO of Aramco, told the U.S. Saudi Investment Forum that "the U.S. is today almost 100 billion dollars in gas sales...and it's continuously increasing."

He added that the U.S. was a great place to invest, pointing out that Sempra would be supplying around 6.2 millions tons of LNG to Aramco under the MoUs.

In the coming years, producers plan to double their capacity.

NextDecade signed a contract with Aramco's subsidiary, which is looking to be a major player on the LNG market. The U.S. company will supply supercooled gas from its Rio Grande plant for 20 years.

"We have other investments." "We're looking to expand by 2030 and have almost seven-and-a-half million tons of LNG," Nasser said, speaking about expansion plans.

Nasser said that Aramco also plans to sign an investment on Tuesday that involves the expansion of Motiva Port Arthur’s refinery, in the U.S. He noted that the oil giant will invest $3.4 billion into the refinery. Yousef SABA (Reporting). Nayera Abdallah, Federico Maccioni and Federico Maccioni wrote the article. Mark Potter (Editing)

(source: Reuters)