TotalEnergies, Sinopec pitched for role in Saudi gas project -sources – Reuters

TotalEnergies, Sinopec pitched for role in Saudi gas project -sources – Reuters

May 2 (Reuters) - Saudi Arabian oil giant Aramco (2222.SE) is in a "listening phase" on proposals from refining giant Sinopec Corp and French oil major TotalEnergies (TTEF.PA) for a slice of a shale gas development project worth about $10 billion, two sources with knowledge of the matter said on Tuesday.

Sinopec and TotalEnergies are in separate discussions to invest in the Jafurah development in Saudi Arabia, the sources said, adding the talks were not active but Aramco was hearing what the two firms had to propose after formal expressions of interest took place in early 2022.

One of the sources added that while last year's pitches focused on upstream development of the field, Aramco is now instead seeking international help for developing the downstream side of the project — though so far talks do not include construction of liquefied natural gas (LNG) export terminals.