Aramco explores stake in $18bn LNG project in US

Saudi Aramco is considering buying a stake in Australia-based Woodside Energy’s liquefied natural gas (LNG) project in the US.

The two companies signed a non-binding agreement to explore the stake buyout and LNG offtake from the $17.5 billion Louisiana LNG project, Woodside said in a statement on Wednesday.

The collaboration agreement was signed in Riyadh at the Saudi-US Investment Forum attended by Saudi Arabia’s Crown Prince and prime minister Mohammed bin Salman and US president Donald Trump.

Woodside announced the final investment decision to build the LNG project in Louisiana last month.

This month the Australian natural gas producer announced plans to sell a further 20-30 percent stake in Louisiana LNG, Reuters reported. The company has sold a 40 percent interest in the Louisiana LNG project for $5.7 billion to US energy infrastructure investor Stonepeak.

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Woodside CEO Meg O’Neill said that the Aramco deal demonstrates the ongoing interest Louisiana LNG is generating among high-quality potential investors.

The LNG project is expected to deliver first gas in 2029.

Aramco and Woodside are also exploring opportunities to collaborate in lower-carbon ammonia, the statement said.