Four companies to invest in Adnoc’s new LNG plant

Adnoc

Four global companies will invest in Adnoc’s lower-carbon intensity Ruwais liquefied natural gas (LNG) project, as the UAE energy giant continues to invest in lower-carbon projects.

UK-based BP and Shell, France’s TotalEnergies and Mitsui & Company from Japan will each acquire a 10 percent equity stake in the Ruwais LNG project, with the state-run oil major retaining a 60 percent majority stake.

No investment value was given.

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Adnoc also signed several new long-term LNG sales agreements to supply Shell with one million tonnes per annum (mtpa) and Mitsui & Co. with 0.6 mtpa, bringing the committed Ruwais LNG production capacity to 70 percent. 

The LNG project’s final investment decision was approved last month. 

The UAE continues to address energy challenges through investment in clean and lower-carbon intensity projects, said Adnoc chairman Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. 

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As natural gas demand continues to increase, the Ruwais project will enable Adnoc to provide more lower-carbon gas to meet growing demand today while helping the world transition to a cleaner energy future, said group CEO Sultan Ahmed Al Jaber.

Adnoc has already awarded a $5.5 billion engineering, procurement and construction contract for Ruwais, the first LNG export facility in the Middle East and North Africa region to run on clean power.

The project consists of two 4.8 mtpa LNG liquefaction trains with a total capacity of 9.6 mtpa. The facility will more than double Adnoc’s LNG production capacity to 15 mtpa.

The participation of four companies is subject to customary regulatory clearances.