ConocoPhillips announced Thursday that it is moving forward with the under-development acquisition of a 30% interest in Sempra Energy’s liquefied natural gas (LNG) plant in Port Arthur, Texas.
The move by the US energy giant is part of its effort to expand its LNG business to meet growing demand.
Western sanctions against Russia’s energy sector over its invasion of Ukraine have strained an already undersupplied natural gas market, prompting buyers to seek alternative suppliers and sending fuel prices skyrocketing.
In addition to acquiring a stake, ConocoPhillips also signed an agreement with Sempra to absorb about 5 million tonnes of liquefied natural gas per year from the Port Arthur unit, and may provide additional gas supply services to the unit, according to the US giant’s announcement .
The Port Arthur LNG facility will include, among other things, two liquefied natural gas trains, storage tanks and other facilities with a production capacity of approximately 13.5 million tonnes of LNG per year.
Source: Capital
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