RIYADH, May 13 (Reuters) - Saudi Aramco will sign on
Tuesday memoranda of understanding with U.S. liquefied natural
gas producer NextDecade ( NEXT ) and utility firm Sempra ( SRE )
, Aramco's chief executive said, as the oil giant expands
in the LNG market.
"The U.S. today, in terms of gas, is almost 100 billion
(dollars) in sales ... and it is continuously increasing,"
Aramco's CEO Amin Nasser told the U.S.-Saudi Investment Forum in
Riyadh.
"The U.S. is really a good place to put our investment," he
added, noting that under the MoUs Sempra and NextDecade ( NEXT ) would
supply around 6.2 million tons of LNG to Aramco.
The United States is already the world's largest exporter of
LNG and producers have plans in place that would double capacity
in coming years.
NextDecade ( NEXT ) last month signed a deal with a subsidiary of
Aramco, which is seeking to become a big player in the LNG
market, under which the U.S. firm will supply the superchilled
gas from its Rio Grande facility for 20 years.
"We do have other investments. So we're looking at, by 2030,
almost seven and a half million tons of LNG," Nasser noted,
speaking of expansion plans.
Nasser also said that one of the investments that Aramco
plans to sign on Tuesday involved an expansion of the Motiva
Port Arthur's refinery in the U.S., noting the oil giant would
invest $3.4 billion in the refinery.