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Saudi Aramco wants to strengthen gas business through joint ventures



Saudi Arabian oil giant Aramco, which has an ambitious plan to expand its natural gas business, is holding discussions with many partners about a potential joint venture or potential partnership to expand its international position in the gas sector, said Aramco of Saudi Arabia CEO Amin Nasser said on Thursday.

"For the time being, we're looking for a potential joint venture or partnership," Reuters quoted Nasser in Riyadh today.

Aramco has already sold its first LNG cargo from Singapore. The chief executive of the company added.

In January of this year, Nasser told Reuters in an interview that the oil company wanted to spend billions of dollars on natural gas acquisitions in the United States as part of Aramco's strategy to strengthen the gas business and become a global natural gas player.

At the end of February, Nasser said Saudi Arabia intends to export up to 3 billion cubic feet of gas per day by 2030 in order to increase the international presence of its natural gas business. [1

9659002] Aramco will only tap Saudi Arabia's conventional and unconventional gas reserves, and export options, according to pipelines and LNG, will be exporting, says Aramco's top manager.

In November 2018, Nasser said that Aramco is already a world leader in oil production. Gas production is not as strong and will drive efforts to increase natural gas production from conventional and unconventional reserves.

Saudi Aramco gas development program expected to be $ 150 billion over the next decade, Nasser said. Natural gas production is expected to increase from the current 14 billion cubic feet per day to 23 billion cubic feet per day, said Aramco's senior manager in Dubai a few months ago.

"We also have world-class unconventional natural gas resources rapidly complementing our vast conventional resources. Since a significant portion of this unconventional gas is rich in both liquids and ethane, its production will play an important role in the further growth of the Kingdom's chemical sector, "said Nasser.

By Tsvetana Paraskova for Oilprice.com [19659002] Other top readings from Oilprice.com:


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