ConocoPhillips COP.N will take a 30% direct equity stake in Sempra Energy’s SRE.N Port Arthur liquefied natural gas (LNG) plant, the U.S. oil and gas producer said on Thursday, expanding its LNG business as demand for the fuel skyrockets.
ConocoPhillips also signed an LNG offtake agreement with Sempra for around 5 million tonnes per annum of the fuel from Port Arthur, the company said in a statement.
Source: Reuters (Reporting by Rithika Krishna in Bengaluru; Editing by Vinay Dwivedi)