In a sign of shifting energy fortunes, Saudi Aramco announced a mega preliminary agreement to buy 5 million tons of liquefied natural gas per year from a Port Arthur, Texas, export project that's under development
In a sign of shifting energy fortunes, Saudi Aramco announced a mega preliminary agreement on Wednesday to buy 5 million tons of liquefied natural gas per year from a Port Arthur, Texas export project that's under development. If completed, the purchase from San Diego-based Sempra Energy would be one of the largest LNG deals ever signed, according to consulting firm Wood Mackenzie.
China and other developing nations have turned to LNG as a cleaner alternative to coal. The support from deep-pocketed Saudi Arabia could offset trade war headwinds facing America's US LNG industry.But US-China and US-Saudi relations are tense. China imposed a 10% tariff on US LNG in September. Earlier this month, China retaliated against new US tariffs by raising the duties on LNG to 25%. US oil, on the other hand, has been spared China's tariff wrath -- for now at least.
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