Saudi Aramco agreed to a buy a 25% stake in Sempra Energy’s Texas liquefied natural gas terminal, giving the world’s biggest oil exporter a foothold in the fast-growing market for global LNG trade.
The proposed deal, which includes a 20-year agreement to buy 5 million tons of gas annually from the plant, would mark Aramco’s first entry into production outside Saudi Arabia. The company can potentially ship the LNG home to the kingdom’s power plants or trade it globally. The state-owned firm and San Diego-based Sempra declined to disclose the value of the potential deal.
