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The China Petroleum and Chemical Corporation announced Thursday that its Sinopec Oilfield Service Company has signed an agreement worth about $1.1 billion to construct natural gas pipelines for Saudi Aramco, the state oil company of Saudi Arabia.to develop a natural gas pipeline network. Aramco canceled plans last year to increase oil production.
Liquid natural gas is seen as a growth market during the global “transition” away from oil, although many climate change activists do not like LNG much more than petroleum. The Biden administration is as keen tonatural gas as it is to cripple every other part of the American energy industry, creating huge opportunities for foreign producers.international LNG acquisitions late last year, with an eye toward winning over Russia’s former customers in Europe.
WATCH — CNBC’s Croft: We Can’t Release from Drained SPR, So We’re Having to Hope Saudis Will Produce More Oil:
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