The agreement is a major boost for Sempra, one of several companies trying to develop USA facilities to export LNG, or natural gas chilled to liquid form for transport.
Saudi Aramco signed a 20-year agreement to buy liquefied natural gas (LNG) from a forthcoming export terminal in Texas that US -based Sempra Energy is developing, the two companies said on Wednesday.
Aramco will also buy a 25% equity stake in the first phase of the multibillion-dollar project, to be constructed in Port Arthur, Texas, about 90 miles (145 km) from Houston, the companies said.
Natural gas in general and LNG specifically are part of Aramco's diversification plans for the future, with the Saudi state company planning to expand quickly into them and away from crude oil, reflecting changing global demand patterns.
The two companies confirmed the deal is a sale-and-purchase agreement for 5 million tonnes per annum (MTPA) of LNG, which is equal to about 0.7 billion cubic feet per day (Bcf/d) of natural gas.
Aramco traded its first LNG cargo in March and said it's seeking gas resources in the U.S., Russian Federation and Australia, and it began producing gas from shale deposits in the kingdom previous year. "We will continue to pursue strategic partnerships which enable us to meet rising global demand for LNG". Qatar is the world's biggest LNG exporter and is a partner with Exxon Mobil Corp.in a $10 billion plant in Texas and has plans to pour a total of $20 billion into USA oil and gas fields.
There are more than a dozen new LNG export facilities proposed for the USA, but only a few terminals in this second wave of development are expected to move forward this year. Port Arthur LNG could be one of the largest LNG export projects in North America, with potential expansion capabilities up to eight liquefaction trains or approximately 45 million tpy of capacity.
Nadler taken to hospital after fainting at news conference
When de Blasio asks Nadler if he was OK, Nadler can be heard responding with a faint "no" before putting his hand over his face. The New York congressman, 71, was at an event with New York Mayor Bill de Blasio when video showed him slumping in his chair.
Saudi Aramco has said it plans to increase its natural gas production to 23 Bcf/d, up from its current 14 Bcf/d.
Sempra Energy (NYSE:SRE) and Saudi Aramco today announced their respective subsidiaries, Sempra LNG and Aramco Services Company, have signed a heads of agreement (HOA).
Companies such as Sempra have been looking for investors for LNG projects, but finding buyers to sign long-term deals has been hard. "So far no concrete action; no clear strategy", the trader said.
The proposed Phase 1 project is expected to feature two liquefaction trains, up to three LNG storage tanks and associated facilities that should enable the export of approximately 11 million tpy of LNG on a long-term basis.
Development of Sempra Energy's LNG export projects is contingent upon obtaining additional customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, incentives and other factors, and reaching a final investment decision.
Saudi Arabia burns a lot of crude oil in its electric power sector, and the move could help the country diversify its power mix and potentially export crude oil that it might have burned, said Jonathan Aronson, research analyst at Cornerstone Macro.
Not only did they not take anything (that I can find), but the goal of the visit was to clean my bathrooms and bedrooms. Roman said he usually has cameras on but they are only triggered by his alarm system, which he forgot to set that day.
But today, I am able to openly tell the world through these cameras that I'm gay and I'm getting married. Conservative groups that oppose same-sex marriage said the legislation disrespected the people's will.
Morgan's 2017 reports on investments in China noted "strong demand across a wide range of industries" for Hikvision's products. The company also makes warehouse conveyor robots, robot forklifts, and drones, as well as drone signal jammers .
Vainqueur mardi à Modène, Arnaud Démare a failli récidiver ce mercredi à Novi Ligure, terminant deuxième derrière Caleb Ewan . Mais plus la course avance et plus son objectif secondaire, le maillot cyclamen , prend corps.
The fire that broke out in a commercial building in Surat on Friday was caused by short-circuit, sources said. Deaths in fires are not uncommon in India where many establishments do not comply with fire safety standards.
North Korean state media are urging farmers to do their best with what they have, to grow as much as possible this year. Speaking to reporters for the first time since he took the post, Kim said South Korea and the U.S.
It's the fact the guy who was responsible to getting me to Joe Gibbs Racing - Bobby Labonte - and getting Coach in as well. After retiring from NASCAR competition as a driver at the end of the 2016 season, Stewart remains co-owner of SHR.
Earlier this week, officials said the Pentagon had drawn up plans that could have sent up to 10,000 troops to the Middle East. Secretary of State Mike Pompeo, acting Defense Secretary Patrick Shanahan and chairman of the Joint Chiefs of Staff Gen.
The zone extends approximately 200 miles off Alaska's western coast and is design to protect America from deadly strikes. There is also anger in Washington over continued allegations of Russian meddling in the 2016 presidential election.
A Look At Memorial Day Weekend Weather
Otherwise we'll have plenty of sunshine all three days, with Monday perhaps being the most ideal of the three. Leading into the holiday weekend, there are chances for showers, but we're not looking at complete washouts.
PSG: Une billetterie record !
Au plan financier, cette influence record a permis au PSG d'empocher un joli pactole de 115 millions d'euros. En moyenne, un quart des billets a été vendu à moins de 20€, et plus d'un tiers (35%) à moins de 25€.
UK's Eurovision entry has score lowered by five points
Under the corrected vote, the winning song from the Netherlands secured an additional six points - finishing up on 498 points. However, it admitted that "human error" led to an incorrect aggregated result being used.