Sempra Energy and Aramco announce sale and purchase agreement for LNG

Aramco and Sempra announce that their respective subsidiaries have executed a non-binding Heads of Agreement, or HoA, for a 20-year sale and purchase agreement, or SPA, for liquefied natural gas, or LNG, offtake of 5.0 million tonnes per annum, or Mtpa, from the Port Arthur LNG Phase 2 expansion project. The HoA further contemplates Aramco’s 25% participation in the project-level equity of Phase 2. The parties expect to execute a binding LNG SPA and definitive equity agreements with terms substantially equivalent to those in the HoA, with the SPA and equity agreements subject to a number of conditions.