Saudi Aramco Set to Buy 25% in U.S. LNG Project

Saudi Arabia’s oil giant Aramco has signed a non-binding agreement to buy LNG from Sempra’s Port Arthur LNG project and potentially acquire 25% in the project’s Phase 2, the U.S. and Saudi firms said on Wednesday. Under the non-binding Heads of Agreement (HoA), Aramco and Sempra are set to discuss a 20-year sale and purchase agreement for LNG offtake of 5.0 million tonnes per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. Today’s agreement further contemplates Aramco’s 25% participation…