Woodside Energy: Saudi Aramco in talks to back Louisiana LNG project

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Woodside Energy: Saudi Aramco in talks to back Louisiana LNG project

Oil giant Saudi Aramco is in talks to buy a slice of Woodside Energy’s $27 billion Louisiana LNG development in the United States.

Woodside pressed go on the export project earlier this month and construction is expected to be finished in 2029.

It follows a shift in focus for the Perth-based company into the US market through 2024, amid ongoing red and green tape battles at home in Australia.

State-owned Aramco — among the biggest businesses in the world — will consider taking equity in the Louisiana project or signing a deal to offtake some of the gas.

The two companies will also take a look at “collaboration” in the lower carbon ammonia market. Woodside made a move into that industry last year through the acquisition of the Beaumont project in Texas.

Woodside chief executive Meg O’Neill said the deal aligned with the company’s plan to create a global portfolio that would be resilient.

“(The deal) leverages our growing relationship with one of the world’s leading integrated energy and chemicals companies,to explore new opportunities which deliver value for both parties,” she said

“It is also another demonstration of the ongoing interest Louisiana LNG is generating among high-quality potential investors, following our recent agreement with Stonepeak to acquire a 40 per cent interest in the project’s infrastructure holding company.”

The deal was signed in Riyadh at a Saudi-US Investment Forum attended by Saudi Arabian Crown Prince Mohammed bin Salman and US President Donald Trump.

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