Saudi Aramco to Establish USD3.3B LNG Complex in Saudi Arabia with Sinopec, Technicas Reunidas
01.23.2024 By Tank Terminals - NEWS

January 23, 2024 [OGV Energy]- In a significant development, Saudi Aramco has chosen to collaborate with China’s Sinopec Engineering Group and Spain’s Tecnicas Reunidas to execute a new liquefied natural gas (LNG) processing complex in the Kingdom of Saudi Arabia. This decision is reflected in two contracts totaling USD3.3 billion, as disclosed in a statement released by the Spanish company on Monday.

 

The comprehensive contracts encompass various aspects, including engineering, procurement, and construction tasks. The first phase involves the construction of LNG distillation facilities, while the subsequent phase entails the establishment of joint facilities in the Al-Riyas project. These facilities will encompass storage and export capabilities, positioning the complex as a crucial hub for LNG activities.

According to the statement, the anticipated production capacity of the forthcoming facilities is set to reach an impressive 510 thousand barrels per day of liquefied natural gas. The timeline for the implementation of these contracts spans approximately 46 months for the first package and around 41 months for the second package, underscoring the complexity and scale of this ambitious LNG project.

The collaboration between Saudi Aramco, Sinopec, and Tecnicas Reunidas reflects a strategic alignment to meet the growing demand for LNG and underscores the commitment to enhancing the Kingdom’s position in the global energy landscape. The development of this LNG complex holds considerable economic significance and is poised to contribute to the Kingdom’s energy infrastructure, reinforcing its role as a key player in the LNG market.

 

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