Aramco’s ambition is to create an LNG business that is tied to trading and can fully realise offtake value – and it is taking a similarly firm stance with hydrogen and ammonia.
Speaking on a call following the release of Q3 results, in which it reported $27.6bn net income (down from $32.6bn on Q3 2023), Ziad Al-Murshed, Executive Vice-President and Chief Financial Officer said, “We are ramping up LNG trading capability to be able to capture this value from the portfolio. We do look at it as one business. We’ve earmarked a considerable volume of gas that’s coming out of production for blue ammonia and blue hydrogen, and that will only proceed if we get commercial long term offtakes.”
“We continue to work on discussions with potential offtakers for blue ammonia – unless this is tied to long term commercial offtake we’re not able to proceed with these projects. We will have a much better view towards the end of the year.”
Aramco made a further investment in MidOcean Energy to fund its acquisition of an additional 15% interest in Peru LNG (PLNG), increasing MidOcean’s stake in PLNG from 20% to 35%.
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