Saudi Aramco weighs global options to import natural gas

Saudi Aramco, the world’s largest crude exporter, is considering importing natural gas from several international markets, including Russia, East Africa, and the United States, Bloomberg reported, citing Saudi energy minister and company chairman Khalid Al-Falih.

“Aramco is drawing a very wide net,” Al-Falih told the news agency, adding that the oil giant also sees the Mediterranean and the Caspian Sea as other potential targets for gas assets.

While he did not rule out buying liquefied natural gas (LNG) from Russia, which opened a new plant in the Arctic this month, the minister cautioned it was not the “most economical option” at the moment.

“The question of Russian gas, and being able to export around the world, including potentially to Saudi Arabia, is an intriguing question," he said.

“The answer today is not. But I think we are in an interesting moment to talk about the potential to buy LNG from the Russian Arctic,” he said.

Last week, Aramco CEO Amin Nasser told Reuters that the company has held talks with Russia’s state-owned Rosneft on possible joint investments.

Commenting on Aramco’s expansion into the US, Al-Falih said that the company has looked at potential investment in petrochemical production through its subsidiary Motiva, the largest refinery in the US.

The oil major recently announced plans to increase its spending to $414 billion over the next ten years, including on infrastructure and drilling.