Saudi Aramco, the world's top oil producer, is looking to acquire natural gas assets in the U.S. and is willing to spend "billions of dollars" there as it aims to become a global gas player, the company's CEO said Jan. 22.
Amin Nasser told Reuters in an interview that his company wants to increase its U.S. investments. It already owns Motiva Enterprises LLC, the biggest U.S. oil refinery.
"We have agreed to bring an additional $10 billion in the Motiva refining complex," said the CEO, attending the World Economic Forum in Davos, Switzerland.
"We do have appetite for additional investments in the United States. 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."
Aramco’s gas expansion strategy needs $150 billion of investment over the next decade as the company plans to increase output and later become a gas exporter, Nasser said in November.
Aramco is pushing ahead with its conventional and unconventional gas exploration and production program to feed its fast-growing industries, freeing up more crude oil to export or turn into chemicals.
Investing in the U.S. gas and petrochemical sector has become "very lucrative" due to the large availability of ethane resources, Nasser said. "In gas, we will be one of the main global players," he added.
Source:epmag
