Aramco, one of the world’s leading integrated energy and
chemicals companies, and NextDecade Corporation (NextDecade)
(Nasdaq: NEXT) announced today that their respective subsidiaries
have executed a non-binding Heads of Agreement (HoA) for a 20-year
liquefied natural gas sale and purchase agreement (LNG SPA) for
offtake from Train 4 at the Rio Grande LNG Facility at the Port of
Brownsville, Texas, USA.
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Under the terms of the HoA, Aramco expects to purchase 1.2
million tonnes per annum (MTPA) of LNG for 20 years on a free on
board basis, at a price indexed to Henry Hub. Aramco and NextDecade
are currently in the process of negotiating a binding agreement,
and once executed, the effectiveness of which will be subject to a
positive Final Investment Decision on Train 4.
Nasir K. Al-Naimi, Aramco Upstream President, said: "We
look forward to finalizing the terms of a long-term LNG offtake
agreement with NextDecade, as we explore opportunities to expand
our presence in international energy markets. We expect LNG to play
an important role in meeting the rising demand for secure and
efficient energy.”
Matt Schatzman, NextDecade Chairman and Chief Executive
Officer, said: “We are pleased to have reached a Heads of
Agreement with Aramco for LNG from Train 4, as Aramco seeks to
expand its LNG portfolio. We look forward to finalizing the LNG SPA
with Aramco and to pursuing other opportunities together.”
NextDecade is targeting FID of Train 4 in the second half of
2024, subject to finalizing and entering into an engineering,
procurement and construction (EPC) contract, gaining appropriate
commercial support, and obtaining adequate financing to construct
Train 4 and related infrastructure.
About Aramco
Aramco is a global integrated energy and chemicals company. We
are driven by our core belief that energy is opportunity. From
producing approximately one in every eight barrels of the world’s
oil supply to developing new energy technologies, our global team
is dedicated to creating impact in all that we do. We focus on
making our resources more dependable, more sustainable and more
useful. This helps promote stability and long-term growth around
the world. www.aramco.com
About NextDecade Corporation
NextDecade Corporation is an energy company accelerating the
path to a net-zero future. Leading innovation in more sustainable
LNG and carbon capture solutions, NextDecade is committed to
providing the world access to cleaner energy. Through our
subsidiaries Rio Grande LNG and NEXT Carbon Solutions, we are
developing a 27 MTPA LNG export facility in South Texas along with
one of the largest carbon capture and storage projects in North
America. We are also working with third-party customers around the
world to deploy our proprietary processes to lower the cost of
carbon capture and storage and reduce CO2 emissions at their
industrial-scale facilities. NextDecade’s common stock is listed on
the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is
headquartered in Houston, Texas. For more information, please visit
www.next-decade.com.
Aramco Disclaimer
The press release contains forward-looking statements. All
statements other than statements relating to historical or current
facts included in the press release are forward-looking statements.
Forward-looking statements give the Company’s current expectations
and projections relating to its capital expenditures and
investments, major projects, upstream and downstream performance,
including relative to peers. These statements may include, without
limitation, any statements preceded by, followed by or including
words such as “target,” “believe,” “expect,” “aim,” “intend,”
“may,” “anticipate,” “estimate,” “plan,” “project,” “can have,”
“likely,” “should,” “could,” and other words and terms of similar
meaning or the negative thereof. Such forward-looking statements
involve known and unknown risks, uncertainties and other important
factors beyond the Company’s control that could cause the Company’s
actual results, performance or achievements to be materially
different from the expected results, performance, or achievements
expressed or implied by such forward-looking statements, including
the following factors: global supply, demand and price fluctuations
of oil, gas and petrochemicals; global economic conditions;
competition in the industries in which Saudi Aramco operates;
climate change concerns, weather conditions and related impacts on
the global demand for hydrocarbons and hydrocarbon-based products;
risks related to Saudi Aramco’s ability to successfully meet its
ESG targets, including its failure to fully meet its GHG emissions
reduction targets by 2050; conditions affecting the transportation
of products; operational risk and hazards common in the oil and
gas, refining and petrochemicals industries; the cyclical nature of
the oil and gas, refining and petrochemicals industries; political
and social instability and unrest and actual or potential armed
conflicts in the MENA region and other areas; natural disasters and
public health pandemics or epidemics; the management of Saudi
Aramco’s growth; the management of the Company’s subsidiaries,
joint operations, joint ventures, associates and entities in which
it holds a minority interest; Saudi Aramco’s exposure to inflation,
interest rate risk and foreign exchange risk; risks related to
operating in a regulated industry and changes to oil, gas,
environmental or other regulations that impact the industries in
which Saudi Aramco operates; legal proceedings, international trade
matters, and other disputes or agreements; and other risks and
uncertainties that could cause actual results to differ from the
forward-looking statements in this press release, as set forth in
the Company’s latest periodic reports filed with the Saudi Stock
Exchange. For additional information on the potential risks and
uncertainties that could cause actual results to differ from the
results predicted please see the Company’s latest periodic reports
filed with the Saudi Stock Exchange. Such forward-looking
statements are based on numerous assumptions regarding the
Company’s present and future business strategies and the
environment in which it will operate in the future. The information
contained in the press release, including but not limited to
forward-looking statements, applies only as of the date of this
press release and is not intended to give any assurances as to
future results. The Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to the press
release, including any financial data or forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by applicable law or regulation. No
person should construe the press release as financial, tax or
investment advice. Undue reliance should not be placed on the
forward-looking statements.
NextDecade Disclaimer
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words
“anticipate,” “contemplate,” “estimate,” “expect,” “project,”
“plan,” “intend,” “believe,” “may,” “might,” “will,” “would,”
“could,” “should,” “can have,” “likely,” “continue,” “design,”
“assume,” “budget,” “guidance,” “forecast,” and "target," and other
words and terms of similar expressions are intended to identify
forward-looking statements, and these statements may relate to the
business of NextDecade and its subsidiaries. These statements have
been based on assumptions and analysis made by NextDecade in light
of current expectations, perceptions of historical trends, current
conditions and projections about future events and trends and
involve a number of known and unknown risks, which may cause actual
results to differ materially from expectations expressed or implied
in the forward-looking statements. Although NextDecade believes
that the expectations reflected in these forward-looking statements
are reasonable, it can give no assurance that the expectations will
prove to be correct. NextDecade’s actual results could differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in NextDecade’s periodic reports that are filed with and
available from the Securities and Exchange Commission.
Additionally, any development of subsequent trains at the Rio
Grande LNG Facility or CCS projects remains contingent upon
execution of definitive commercial and financing agreements,
securing all financing commitments and potential tax incentives,
achieving other customary conditions and making a final investment
decision to proceed. The forward-looking statements in this press
release speak as of the date of this release. NextDecade may from
time to time voluntarily update its prior forward-looking
statements, however, it disclaims any commitment to do so except as
required by securities laws.
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Aramco Contact Information
Media Relations: media.inquiries@aramco.com @aramco
NextDecade Contact
Information Investors: Megan Light
mlight@next-decade.com 832-981-6583
Media: Susan Richardson srichardson@next-decade.com
832-413-6400
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