Aramco delays multibillion-dollar LNG, petrochemical plans

Saudi Aramco has delayed multi-billion-dollar petrochemical and liquefied natural gas projects as it looks to save cash and preserve its dividend after this year’s crash in energy prices, according to people familiar with the matter.

The world’s biggest oil company is scaling back plans to construct a $20 billion crude-to-chemicals plant at Yanbu in eastern Saudi Arabia, according to one person, who asked not to be identified because they aren’t authorized to speak to the media. It’s also reviewing an earlier decision to buy 25% of Sempra Energy’s Texas LNG terminal — which would cost several billion dollars — and has already taken some staff off the project, according to a separate person.

A spokesperson for the company declined to comment on the matter.