The IPPA came to follow a heads of agreement (HOA) that both companies have signed in last May, which indicates the purchase of five million tonnes per annum (Mtpa) of LNG and a 25% equity investment in Phase 1 of Port Arthur LNG.
Through the agreement, both sides goal to grow their alignment between their companies and focus on the overall success of the Port Arthur LNG project.
The global demand growth for LNG is expected to continue in the coming years, and we see significant opportunities in this market. This agreement with Sempra Energy is another step forward for Saudi Aramco’s long-term gas strategy.
...Amin H. Nasser, Saudi Aramco’s President and CEO said.
Moreover, the initial phase of Port Arthur LNG project has been fully approved as it is further estimated to involve two liquefaction trains, three LNG storage tanks and several associated facilities to boost the export of about 11 Mtpa of LNG on a long-term basis.
For the records, back in 2019 Sempra LNG presented to the Federal Energy Regulatory Commission (FERC) a pre-filing review for a subsequent potential construction of two more liquefaction trains in the project, to increase the total export capacity up to 22 Mtpa of LNG.
Port Arthur LNG is expected to play a critical role in helping shape the future of global energy trade.
...marked Jeffrey W. Martin, chairman and CEO of Sempra Energy.
Concluding, Port Arthur LNG is one of Sempra LNG's five LNG development opportunities located in North America as it meets Sempra LNG's target for developing LNG infrastructure in order to export 45 Mtpa of clean natural gas to the international LNG industry.