New York: 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 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% equity investment in an LNG export facility under development in Port Arthur, Texas, as part of the deal. Also Read – SC declines Oil Min request to stay sharing of documentsThe 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. “With global demand for LNG expected to grow by around 4% per year … we see significant opportunities in this market and we will continue to pursue strategic partnerships which enable us to meet rising global demand for LNG,” Nasser said in a news release. The US fracking boom over the last decade led to an abundance of natural gas, and the U.S. quickly became one of the world’s top exporters of liquid natural gas after it began exporting the fuel in 2016. Its exports of LNG ranked fourth largest in the world in 2018 behind Qatar, Australia and Malaysia, according to the U.S. Energy Information Administration. The Port Arthur facility is one of Sempra’s five LNG development opportunities in North America, and it received authorization from the Federal Energy Regulatory Commission to construct and operate the facility and related pipelines last month.