Saudi Aramco, UAE’s ADNOC in talks to invest in US LNG projects: Reports

Saudi Aramco, UAE’s ADNOC in talks to invest in US LNG projects: Reports

Image credit: Getty IMages Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) are in talks to invest in US liquefied natural gas (LNG) 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. Future demand drives LNG interest 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 per cent by 2030, they are tapping opportunities in the US 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 US LNG firm NextDecade for an offtake from a proposed fourth processing unit at its $18bn Rio Grande LNG export facility, they added. Aramco and ADNOC declined to comment when contacted by Reuters. Sempra Infrastructure, a subsidiary