Saudi Aramco eyeing gas joint ventures, sells first LNG cargo
CEO Amin Nasser said the company was in discussions for potential gas joint ventures
Saudi Aramco has sold its first cargo of liquid natural gas (LNG), and is looking into gas joint ventures, CEO Amin Nasser said.
“There is a lot of potential to grow in gas ... We are currently in discussion with a lot of partners around the world for growing our international gas position,” Nasser said, according to Reuters.
“For the time being we are looking at potential JV or partnership,” he added. Gas is an important part of Saudi Aramco's long-term strategy, as it can be used as feedstock for petrochemical creation and as a cleaner source of energy for power generation inside the Kingdom, leaving more expensive crude oil to be sold abroad.
Saudi Aramco's acquisition of a 70% stake in Saudi chemicals giant SABIC has expanded Aramco's international presence. The deal, worth $69.1bn, will grow its downstream portfolio.
The company's sold its first LNG cargo in Singapore, and Reuters reported that it was sold on the spot market last month to an Indian buyer, according to an anonymous source.