New York (CNN Business)Saudi Arabia has placed a huge bet on American natural gas.
In a sign of shifting energy fortunes, Saudi Aramco announced a mega preliminary agreement on Wednesday to buy 5 million tons of liquefied natural gas per year from a Port Arthur, Texas export project that's under development.
If completed, the purchase from San Diego-based Sempra Energy (SRE) would be one of the largest LNG deals ever signed, according to consulting firm Wood Mackenzie.
Aramco, Saudi Arabia's crown jewel, would also inject a cash infusion into the Port Arthur development in exchange for a 25% stake.
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