Sinopec's $1.1 Billion Agreement with Saudi Aramco for Natural Gas Pipelines

SOURCE www.breitbart.com
Sinopec's oilfield service company signed a $1.1 billion agreement to construct natural gas pipelines for Saudi Aramco, aiming to boost natural gas production by 60% by the end of the decade. The project involves tapping into the Jafurah Field, potentially the largest shale gas reserve in the Middle East.

Key Points

  • Sinopec's subsidiary signed a $1.1 billion agreement to construct natural gas pipelines for Saudi Aramco
  • Aramco aims to increase natural gas production by 60% by the end of the decade
  • The Jafurah Field in Saudi Arabia may hold the largest shale gas reserve in the Middle East

Pros

  • Development of a vast natural gas pipeline network in Saudi Arabia
  • Opportunities for foreign producers in the global LNG market

Cons

  • Potential environmental concerns due to fracking techniques