Saudi Arabia plans billions in US gas investments

Saudi Arabia’s Aramco has said it aims to invest billions in US gas assets, the oil giant’s CEO said on Tuesday.

Speaking at the World Economic Forum in Davos, Switzerland, Amin H. Al Nasser said availability of ethane in the USA had made gas investments there “very lucrative.”

“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,” Al Nasser said. “They have been given significant financial firepower – in the billions of dollars.”

The CEO also said Aramco will invest an additional USD 10 billion in the USA’s largest refining complex, Motiva, located in Port Arthur, Texas. In 2017, Aramco took ownership of the complex following a process of separation of its joint US assets with Shell.

Aramco is now looking to become one of the “main global players” in gas, Al Nasser said.