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State-owned Saudi Arabian Oil Co., better known as Aramco, confirmed Wednesday that it’s working to finalize an agreement to take a 25% equity stake in the second phase of Sempra Infrastructure’s Port Arthur LNG export project in Southeast Texas.
Aramco, which has been working to expand its assets in the global natural gas market, said it signed a non-binding agreement for the equity stake and the purchase of 5 million metric tons/year (mmty) of liquefied natural gas from the Port Arthur LNG expansion project for a term of 20 years.
“As a potential strategic partner in the Port Arthur LNG Phase 2 project, Aramco is well placed to grow its gas portfolio with the aim of meeting the world’s growing need for lower-carbon sources of energy,” said Aramco Upstream President Nasir K. Al-Naimi. “This agreement is a major step in Aramco’s strategy to become a leading global LNG player.”
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