Aramco to onboard 1.2 mn mtpa of LNG from NextDecade: Aramco — through an undisclosed subsidiary — inked a 20-year liquefied natural gas (LNG) sale and purchase agreement (SPA) with US-based LNG development firm NextDecade Corporation for the offtake from its Rio Grande Train four LNG facility, according to a statement (pdf). The investment ticket for the agreement was not clarified.

What’s on the cards: Aramco will be uptaking some 1.2 mn mtpa of LNG over 20 years on a freeonboard basis. The agreement is still subject to a positive final investment decision, which is contingent on obtaining sufficient financing to develop Train four and the related infrastructure. The Rio Grande LNG export plant’s phase 1 is forecasted to be completed by early 2029 at a cost of USD 18 bn.

Rings a bell? Aramco signed a non-binding agreement with US LNG development company NextDecade to supply 1.2 mtpa of LNG for 20 years back in June. Aramco had been in talks with NextDecade for a long-term gas purchase agreement from the Texan company’s Rio Grande facility.

Aramco 💚 Texas: Aramco signed a non-binding agreement to take a 25% stake in the second phase of Sempra’s Port Arthur LNG export plant in Texas back in June. The agreement would also include Aramco locking down five mn tons of LNG shipments from the plant each year for 20 years. The firm has also been involved in negotiations with Houston-based Tellurian over a potential stake purchase in the US firm’s 27.6 mtpa Driftwood LNG plant in Louisiana.

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M&A WATCH-

#1- Schlumberger gets competition watchdog’s OK to acquire ChampionX: NYSE-listed global tech player Schlumberger (SLB) lined up approval from the General Authority for Competition (GAC) to takeover American oilfield services firm ChampionX in a move set to be finalized in 3Q, according to a statement from the regulator. The approval is set to be valid for five years, and will monitor the company’s fulfilment of certain conditions.

BUT- This comes after the UK’s competition authority declined to clear the transaction just last month — meaning the companies could be barred from integrating operations or bidding jointly within the UK.

#2- Al Khaleej unit nabs majority stake in Kuwaiti IT firm: Advanced Communications Systems and Solutions (Smart Link) — the customer service unit of AlKhaleej Training and Education — inked a SAR 14.3 mn agreement to acquire a 51% stake in Kuwait-based IT services provider Mazaya Integrated Computer Solutions, the Tadawul-listed parent company said in a disclosure to the exchange. The move supports the company’s plans to broaden its offerings and customer reach.

LOGISTICS-

Folk Maritime expands its fleet: PIF-owned regional liner and feeder provider Folk Maritime added a new vessel — M/V Folk Jazan — to its fleet to boost regional maritime connectivity, according to a statement. The vessel, which will be registered at the Jeddah Islamic Port, has a carrying capacity of just over 2k TEUs and was built by China’s Zhejiang Shipbuilding Company in 2008.

REMEMBER- Folk Maritime is lining up a multi-mn USD fleet expansion over the next five years. The shipping firm plans to buy or charter 15-18 container ships in the next three to five years to increase access for the Kingdom’s smaller ports and alleviate demand for road transportation.

INS.-

Fitch Ratings affirmed Arabian Shield Cooperative Ins.’s Insurer Financial Strength (IFS) rating at A-, as well as its National IFS rating at AA(sau), with stable outlooks, the credit rating agency said in a note. The rating was underpinned by the company’s growing business volumes, well-diversified product mix, competitiveness in the motor and medical markets, and strong capitalization, financial performance, and reins. protection.

MEDIA-

Saudi Research and Media Group (SRMG) launched a new media solutions company, SRMG Media Solutions (SMS), to serve as the exclusive media sales representative for SRMG's portfolio, according to a disclosure to Tadawul. The new outfit will make use of data and technology, enabling advertisers to connect brands with over 170 mn users globally through digital, TV, audio, and print channels.

ICYMI- Taoq Public Relations, an SRMG subsidiary, inked a three-year contract worth SAR 240 annually last July to provide media and marketing services to an unnamed advertising company. Under the contract, Taoq will provide multilingual media and consulting services across multiple platforms.