Home » Market News » DirectorsTalk Highlights » Sempra Energy and Saudi Aramco ink heads of agreement for 20-year LNG deal
Northbridge Industrial Services Plc

Sempra Energy and Saudi Aramco ink heads of agreement for 20-year LNG deal

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 finalisation of a definitive 20-year liquefied natural gas (LNG) sale-and-purchase agreement (SPA) for 5mn 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 finalisation of a 25% equity investment in Phase 1 of Port Arthur LNG.

“The agreement with Sempra LNG is a major step forward in Saudi Aramco’s long term strategy to become a leading global LNG player,” said Saudi Aramco CEO and President Amin Nasser. “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.”

 

Northbridge Industrial Services plc (LON:NBI) hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the UK, US, Dubai, Belgium, Germany, France, Australia, Singapore, New Zealand, Brazil and Korea, Northbridge has a global customer base.

To read the full news article please click here

Receive our exclusive interviews – Enter your email to stay up to date.

Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.