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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.
Posted In: NEXT
