Sempra LNG And Aramco Services Company Sign Interim Project Participation Agreement For Port Arthur LNG
The IPPA represents another milestone for both companies after having signed a heads of agreement in May last year for the purchase of 5 million tonnes per annum (Mtpa) of liquefied natural gas (LNG) and a 25% equity investment in the Port Arthur LNG project.
"Today's announcement is a reflection of the growing alignment between our companies' interest in the overall success of the Port Arthur LNG project," said
Saudi Aramco's President and CEO
The initial phase of the Port Arthur LNG project is fully permitted and it is expected to include two liquefaction trains, up to three LNG storage tanks and associated facilities to enable the export of approximately 11 Mtpa of LNG on a long-term basis. Earlier this year, Sempra LNG initiated the
"Port Arthur LNG is expected to play a critical role in helping shape the future of global energy trade," added Martin. "This multibillion-dollar initiative is among the largest LNG projects in development anywhere in the world and is expected to deliver a cleaner energy supply to foreign markets, while creating important, high-skilled jobs right here at home."
The definitive agreements in the Port Arthur LNG export project remain subject to finalization and corporate approvals by each party in its sole discretion before they are executed. Each party's ultimate participation in the Port Arthur LNG export project also remains subject to the execution of related agreements and the fulfillment or waiver of certain conditions precedent contemplated by these agreements, including the condition that each party shall have taken a final investment decision (FID) with respect to its investment in the project at its sole discretion. The IPPA sets forth certain mechanisms for the parties to work towards these and other pre-FID activities.
Port Arthur LNG is one of Sempra LNG's five strategically located LNG development opportunities in
About Sempra LNG
Sempra LNG develops and builds natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering 45 Mtpa of clean natural gas to the largest world markets, which would make
About Saudi Aramco
Saudi Aramco is a global integrated energy and chemicals company. We are driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world's oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world.
Saudi Aramco Forward-Looking Information
This release contains forward-looking statements. All statements other than statements of historical fact included in this release are forward-looking statements. Saudi Aramco believes that the forward-looking statements are based upon reasonable assumptions and expectations. However, you are cautioned that any such forward-looking statements are not guarantees of the future and that a number of risks and uncertainties could cause actual events to differ materially from those anticipated in the forward-looking statements.
Sempra Energy Forward-Looking Information
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