AP NEWS
Click to copy
Click to copy

ENERGY LNG megadeal in works

Anthony DiPaolaMay 23, 2019

Saudi Aramco agreed to a buy a stake in Sempra Energy’s Port Arthur LNG export terminal, giving the world’s biggest oil exporter a foothold in the fast-growing global gas trade.

The proposed deal, which also includes an agreement to buy gas from the plant, would mark Aramco’s first entry into production of oil or gas outside Saudi Arabia. Aramco can potentially ship the LNG home to the kingdom’s power plants or trade it globally. The state-owned company and Sempra signed a preliminary agreement to acquire a 25% stake in the plant, but didn’t disclose the value of the potential deal.

All contents © copyright 2019 The Associated Press. All rights reserved.