Aramco CEO: LNG is ‘on our radar screen’

“LNG is on our radar screen. We are making big investments globally in LNG,” Nasser said on Tuesday during Aramco’s H1 results call.

Saudi Arabia’s Aramco made its first international investment in LNG last year to capitalize on rising LNG demand.

In September, Aramco agreed to buy a minority stake in MidOcean Energy, the LNG unit of US-based energy investor EIG for $500 million.

The agreement includes the option for Aramco to increase its shareholding and associated rights in MidOcean in the future.

Moreover, Aramco recently signed a heads of agreement with US LNG exporter Sempra to buy 5 mtpa of LNG for 20 years from the second phase of the latter’s Port Arthur LNG export project in Texas.

The HoA further contemplates Aramco’s 25 project participation in the project-level equity of the second phase.

Aramco also signed a heads of agreement with NextDecade to buy 1.2 mtpa of LNG for 20 years from the planned fourth Rio Grande LNG train in Texas.

“We have big ambitions in regard to growing our LNG portfolio,” Nasser said during the call.

This includes increasing offtake agreements and bosting the company’s trading capabilities.

“We are looking at either offtake agreements or equity injection. We continue to look for attractive opportunities globally,” he said.

Nasser mentioned the two US agreements and the MidOcean deal.

“We do have other agreements and other opportunities that we are currently reviewing, and we will hopefully announce them in due course,” he said.