Aramco in talks with Sinopec and Total on $10 billion Saudi gas deal

Aramco in talks with Sinopec and Total on $10 billion Saudi gas deal

Riyadh: Sinopec and TotalEnergies are among companies holding talks to invest in the Jafurah development in Saudi Arabia, according to people familiar with the matter, as the kingdom seeks to exploit one of the world’s largest untapped gas fields. The Chinese and French energy giants are in separate discussions with Saudi Aramco about the plans that may include the construction of facilities to export the fuel as liquefied natural gas, some of the people said, asking not to be identified because the matter is private. Aramco is seeking to raise a total of around $10 billion for the projects, the people said. Saudi Aramco has been seeking equity investors that could help fund midstream and downstream projects at its more than $100 billion Jafurah gas development in the east of the kingdom. The state-controlled company has been reaching out to private equity firms and other large funds that invest in infrastructure to offer stakes in assets such as carbon capture and storage projects, pipelines and hydrogen plants, Bloomberg reported in December. Investment bank Evercore is advising Aramco on the plans. Talks are ongoing and no final decisions have been made, the people said. A spokesperson for TotalEnergies declined to comment,