Saudi Aramco Eyes Stake in Foreign LNG Plant as Demand for Fuel Surges - Bloomberg
Saudi Arabia’s Aramco is considering an investment in a liquefied natural gas facility outside the kingdom, as global demand for the fuel soars following Russia’s invasion of Ukraine.
The state energy company is in early discussions with LNG plant developers to procure a stake and secure supplies through an off-take agreement, according to people with knowledge of the matter.
LNG consumption is set to surge in the coming years as Europe rushes to replace piped gas from Russia and with nations such as China and India expected to increase imports. The value of global LNG trade doubled last year to more than $450 billion, according to the International Energy Agency.
Aramco is looking at projects in the US and Asia, one of the people said. Its preference would be for a facility that can easily ship the super-chilled fuel to Asia, the world’s biggest market, another person said.
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