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Saudi oil giant Aramco strikes deal to buy US natural gas

Saudi Arabia's state-owned oil company will begin buying liquid natural gas from a US company under a 20 year agreement, reflecting the shifting dynamics in the world's energy markets.

Saudi Arabian Oil Co - also known as Aramco - said on Wednesday it would buy 5 million tons of liquid natural gas per year from Sempra Energy, based in San Diego.

Aramco also will make a 25 percent equity investment in an LNG export facility under development in Port Arthur, Texas, as part of the deal.

The agreement is a major step forward in Aramco's long-term strategy to become a global LNG player, said Amin Nasser, the company's CEO.