State oil giant Saudi Aramco is in ‘serious’ talks to buy a stake in Novatek’s Arctic LNG project, the Kingdom's Energy Minister Khalid Al-Falih said on Thursday.
“The deal’s price and terms have not yet been determined, but I hope an agreement can be reached this year,” Al-Falih noted, adding, “Aramco is exploring several liquefied natural gas (LNG) investments in USA, Russia and Australia.”
Saudi Aramco tapped huge gas reserves in the Jafurah Basin, East of Ghawar, under the company’s unconventional gas exploration program. It also made progress on several new gas processing plants.
Read: Saudi Aramco in talks with Russia's Novatek on LNG project
In 2018, Leonid Mikhelson, CEO of Russia's Novatek, said that the company showed interest in Saudi Aramco's potential investments in the Arctic LNG-2 plant, Argaam reported.
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