Saudi Aramco has signed its first deal to purchase liquefied natural gas, stepping up investment in a fuel set to be in high demand from developing countries as they shift away from coal power.
Aramco has signed a non-binding deal with US LNG developer NextDecade to purchase 1.2mn tonnes of LNG per annum for 20 years, according to a statement from both companies on Thursday.
Aramco will buy the fuel from NextDecade’s yet-to-be-built facility, which is expected to come online by 2030. The two groups are in the process of negotiating a binding agreement.
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