Aramco is bringing its financial heft to LNG at a time when global demand for the fuel has surged, particularly in Europe which is replacing reduced pipeline supplies from Russia. The deal underscores an ambitious push to buy stakes in companies globally alongside efforts to branch out from oil under Crown Prince Mohammed bin Salman’s Vision 2030 development plan.
Aramco has been trying to set up LNG operations for a few years after hiring traders in Singapore. It had also negotiated with Russia’s Novatek PJSC as a potential partner for one of its liquefaction projects five years ago.
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