Riyadh, May 22 - Neftegaz.RU. Sempra Energy and Saudi Aramco today announced their respective subsidiaries, Sempra LNG and Aramco Services Company, have signed a heads of agreement (HOA).
The HOA anticipates the negotiation and finalization of a definitive 20-year LNG sale-and-purchase agreement (SPA) for 5 million tonnes per annum (Mtpa) of LNG offtake from Phase 1 of the Port Arthur LNG export-project under development. It also includes the negotiation and finalization of a 25% equity investment in Phase 1 of Port Arthur LNG.
Amin Nasser, Saudi Aramco’s CEO, said,“The agreement with Sempra LNG is a major step forward in Saudi Aramco’s long term strategy to become a leading global LNG player. With global demand for LNG expected to grow by around 4% per year, and likely to exceed 500 million metric tons a year by 2035, we see significant opportunities in this market and we will continue to pursue strategic partnerships which enable us to meet rising global demand for LNG.“