Aramco considers developing LNG import and export terminals
23 October 2024
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Saudi Aramco is considering developing both import and export terminals for liquefied natural gas (LNG) within Saudi Arabia, according to industry sources.
Consultations and studies have been carried out looking at the potential benefits that the infrastructure could bring to the kingdom, sources said.
“The positioning of existing gas infrastructure in the kingdom means that the country could potentially benefit from constructing both import and export facilities for LNG,” said one source.
“An export terminal would allow Saudi Arabia to start selling gas to new markets and an import terminal will give the country flexibility to meet fluctuations in demand in the country’s power and petrochemical sectors.”
They added: “It is believed that the development of LNG terminals in Saudi Arabia would potentially complement plans for expanding its trading business.”
In September, Aramco announced that it would increase its stake in US-based MidOcean Energy, whose core business involves investing in equity stakes in LNG projects worldwide, to 49%.
The Saudi energy giant announced in September 2023 that it had acquired a minority stake in MidOcean in a transaction valued at $500m.
While countries typically only have import or export terminals, Saudi Arabia will not be alone if it establishes capacity for both import and export.
Other nations with liquefaction and regasification facilities include the US and Norway.
Currently, Saudi Arabia has no import or export terminals for LNG and the kingdom’s consumption is around the same level as its production.
According to the Energy Institute’s Statistical Review of World Energy, Saudi Arabia produced an average of 11.04 billion cubic feet of gas a day (cf/d) in 2023 and consumed an average of 11 billion cf/d.
Over the past decade, amid rising gas demand from Saudi Arabia’s industrial and household sectors, Aramco has undertaken projects to increase its non-associated gas production.
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