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Markets & Forecasts

Saudi Arabia extends its Russian connections

Saudi Arabia’s growing cooperation with Russia on oil production will help speed up the kingdom’s plans to invest in LNG Saudi Arabia’s growing cooperation with Russia on oil production will help speed up the kingdom’s plans to invest in LNG.
By Peter Stewart 19 December 2018 Middle East & Africa / Supply & Demand 0 33754
Saudi Arabia may invest in Novatek’s Arctic LNG 2 project, Novatek’s second liquefaction project after Yamal LNG. (Novatek)

Saudi Arabia is looking to buy gas assets in markets ranging from the United States to Africa as the kingdom struggles to meet soaring domestic demand for gas and gain a foothold in a market that is expected to grow at more than double the pace of oil over the next decade. 

In October, Saudi Arabia mooted the possibility of investing $5 billion in the Arctic LNG 2 project, Russian independent Novatek’s second liquefaction project after Yamal LNG. The planned facility will consist of three trains,...