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Home / Oil & Energy / Oil & Companies News / Saudi Aramco, UAE’s ADNOC in talks
to invest in US LNG projects, sources say






SAUDI ARAMCO, UAE’S ADNOC IN TALKS TO INVEST IN US LNG PROJECTS, SOURCES SAY

in Oil & Companies News 07/03/2024



Gulf oil giants Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) are in
talks to invest in U.S. liquefied natural gas projects, as they step up
competition with oil majors and regional rival Qatar in the booming
super-chilled gas market, sources aware of the matter said.

The two energy giants are trying to exploit their fossil fuel resources while
they can and with demand for the chilled fuel expected to grow by 50% by 2030,
they are tapping opportunities in the United States which has become the world’s
biggest exporter of LNG as it sends record volumes to Europe.

Saudi Aramco is in talks to invest in phase 2 of Sempra Infrastructure’s Port
Arthur LNG project in Texas, which represents a proposed expansion to the
already producing first phase, the sources said, declining to be identified due
to the sensitivity of the matter.

Meanwhile, state-owned ADNOC is in talks with the U.S. LNG firm NextDecade for
an offtake from a proposed fourth processing unit at its $18 billion Rio Grande
LNG export facility, they added.

Aramco and ADNOC declined to comment when contacted by Reuters. Sempra
Infrastructure, a subsidiary of Sempra SRE.N, said it does not comment on
commercial matters related to projects under development, while NextDecade said
it does not comment on market speculation.

U.S. LNG capacity is set to almost double over the next four years, but several
U.S. LNG projects developers have faced financial hurdles to get their proposed
export terminals off the ground as investors become more demanding and amid
increasing regulatory pressures on banks to focus on environmental, social and
governance (ESG).

“The message is: If ESG focussed banks won’t finance U.S. projects, someone
will,” Kaushal Ramesh, Rystad Energy’s vice president for LNG research said.

Following pressure from climate activists, U.S. President Joe Biden in January
paused approvals pending and future applications to export LNG from new
projects.

It is not yet clear if the talks with the Gulf oil giants are around equity
stakes or sale and purchase agreements (SPA), or both.

One of the sources said Aramco is in talks to purchase some or all volumes from
one of the two liquefaction units at Port Arthur’s second phase, both capable of
producing up to 13.5 million tonnes per annum (mtpa).

GULF LNG RACE

Saudi Aramco is trying to kickstart its global LNG business. ADNOC is already a
player in the LNG market. Both compete with neighbouring Qatar, one of the
world’s largest exporters of the seaborne fuel.

QatarEnergy has recently revealed expansion plans that will see it control a
global LNG market share of nearly 25% by 2030, analysts say.

“Both Aramco and ADNOC are the oil heavyweights who could have always done more
in LNG…It wouldn’t be a surprise that they will happily unlock their wallet for
the right project,” Rystad’s Ramesh said.

On Tuesday, sources told Reuters that Aramco has been shortlisted along with
Shell SHEL.L and a few other companies to purchase most of the assets of LNG
trading firm Pavilion Energy, what could kickstart its LNG business.

“This transaction would underpin the demand side of the equation to build a
global LNG portfolio, likely linked to U.S. Gulf Coast supply purchases in the
near future,” said Felix Booth, head of LNG at energy intelligence firm Vortexa.
Source: Reuters (Reporting by Marwa Rashad in London; Additional reporting by
Maha El Dahan in Dubai, America Hernandez in Paris, Curtis Williams in Houston
and Scott DiSavino in New York; Editing by Gary McWilliams, Dmitry Zhdannikov
and Elaine Hardcastle)

2024-03-07
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