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Aramco forms $3.3 billion joint alliance for LNG project in Saudi Arabia

Al-Riyas project expected to boost Saudi economy and job creation
Aramco forms $3.3 billion joint alliance for LNG project in Saudi Arabia
Aramco

Energy giant Saudi Aramco has entered into a joint alliance agreement valued at over $3.3 billion to develop a retail project for liquified natural gas (LNG) in Saudi Arabia.

This alliance brings together Aramco with Spanish company Technicas Reunidas and Chinese group Sinopec Engineering (Sinopec).

Read more: New natural gas discoveries unveiled in Saudi 

In a statement released on Monday, Technicas Reunidas confirmed that the agreement encompasses engineering, procurement, and construction work. It includes the construction of Phase I LNG distilleries, as well as joint facilities in Phase II of Al-Riyas project, which includes storage and export facilities.

Highlighting the project’s significance, the Spanish company emphasized that the investments resulting from these contracts exceed $3.3 billion. Sinopec will own 65 percent of the project and Tecnicas Reunidas will have a 35 percent share.

Al-Riyas is a major project that Aramco relies on to enhance its capabilities in the retailing of natural gas. It is expected to contribute significantly to the strengthening of the Saudi economy and the creation of employment opportunities.

The alliance represents a strategic step towards strengthening international cooperation in the energy sector, and it is the first project granted by Aramco to Technicas Reunidas following the strategic alliance with Sinopec Engineering Group.

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