Saudi Aramco reportedly considering multi-billion dollar US gas acquisitions

Saudi Aramco reportedly considering multi-billion dollar US gas acquisitions
Published: 23 January 2019 - 5:15 a.m.
By: Carla Sertin

Saudi Aramco CEO Amin Nasser told Reuters that Aramco wants to further develop its US investments. Speaking on the sidelines of the World Economic Forum in Davos, Switzerland, he noted that the Aramco team is looking at potential gas acquisitions in the US.

"We do have appetite for additional investments in the United States," he told Reuters. "Aramco’s international gas team has been given an open platform to look at gas acquisitions along the whole supply chain. They have been given significant financial firepower–in the billions of dollars."

Saudi Aramco already own the largest oil refinery in the US, Motiva, and Nasser told Reuters that Aramco has "agreed to bring an additional $10bn in the Motiva refining complex."

Saudi Aramco, the world’s top oil producer, is looking to acquire natural gas assets in the United States and is willing to spend “billions of dollars” there as it aims to become a global gas player, the company’s CEO said on Tuesday.

Growing its gas portfolio is top priority for Saudi Aramco, and Nasser told Reuters that he plans to turn Saudi Aramco into a "main global player" in gas. In November, nasser said that the company's gas strategy, including unconventionals, would "attract investments of about $150bn over the next decade, with daily production reaching 23bn standard cubic feet a day from the current 14bn."

It is also boosting its downstream portfolio, and plans to acquire a controlling stake in Saudi chemicals giant Sabic. Saudi Energy Minister Khalid Al-Falih said earlier in January that Aramco could issue a $10bn bond to fund the acquisition.

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