Qatar Petroleum and ExxonMobil plan to proceed with a $10 billion project to expand a liquefied natural gas (LNG) facility in Texas, three sources familiar with the transaction said, according to Reuters.
ConocoPhillips, the third partner in the existing terminal, plans to sell its 12.4% stake in the project and not to participate in the expansion, according to the sources. Meanwhile, ExxonMobil is the most likely buyer for these stakes.
Currently, Exxon has a 17.4% stake in the project, and Qatar Petroleum holds the 70% majority stake.
This step comes in line with Qatar Petroleum’s plans to increase its global oil and gas footprint as Qatar was the world’s largest LNG producer in 2017 and has an annual output of 77 million tons.