Saudi oil giant signs record LNG deal with Sempra, aspires to become global gas player

Monday, 03 June 2019

State-owned Saudi Aramco, the world’s largest oil and gas company, has signed a Heads of Agreement (HoA) or a definite 20-year LNG sale-and-purchase agreement (SPA) over 5 mtpa from Phase-1 of Sempra Energy’s Port Arthur LNG project. Some observers say that “in time, Saudi Arabia will import LNG to be used for power generation. Wood Mackenzie, however, expects that Saudi Aramco will use this volume to establish a global gas portfolio as it seeks to transform its business.

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