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Aramco signs 20-year LNG supply deal with NextDecade

Adult, Male, Man Aramco
NextDecade chairman and CEO Matthew Schatzman and Aramco Upstream president Nasir Al-Naimi sign the contract in the presence of Aramco executive vice president of gas Abdulkarim Al-Ghamdi

Saudi Aramco, the world’s largest oil producer, has signed a non-binding agreement with US energy company NextDecade to purchase liquefied natural gas (LNG) for 20 years.

The Saudi-listed energy company will purchase 1.2 million tonnes per annum (mtpa) of LNG from the Rio Grande facility in the US.

“We look forward to finalising the terms of a long-term LNG offtake agreement with NextDecade, as we explore opportunities to expand our presence in international energy markets,” said Nasir K Al-Naimi, Aramco Upstream president.

Aramco expects LNG to play an important role in meeting the rising demand for secure and efficient energy, he added.

NextDecade is looking forward to finalising the LNG agreement with Aramco and pursuing other joint opportunities, chairman and CEO Matt Schatzman said.

Aramco ventured into the global LNG market last September with a $500 million investment in US-based MidOcean Energy.

In March, Aramco CEO Amin Nasser said that the company intends to expand its LNG presence globally, given it plans to use all its natural gas production domestically.

He added that it has no intention of building LNG capacity in the kingdom and is discussing opportunities with entities in the US, Australia and other parts of the world. 

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