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Adnoc finalizes 40% stake sale in Ruwais LNG project: Abu Dhabi National Oil Company (Adnoc) completed its sale of 40% worth of stakes in its USD 7 bn Ruwais liquefied natural gas (LNG) project to UK oil and gas giant Shell, French TotalEnergies, BP, and Japan’s Mitsui, with each firm acquiring 10%, according to a statement. The oil giant holds the remaining 60% stake in the project. Mitsui, BP, and TotalEnergies are already partners on the UAE’s only LNG export plant on Das Island.
More stakes up for grabs? Another 5% stake could also be sold to a different partner, Reuters said earlier this week, without providing further details.
The oil giant also inked long-term LNG supply agreements to deliver 1.6 mn metric tonnes per year from the new plant, with 1 mn metric tonnes to be supplied to Shell and 0.6 mn tons to be supplied to Mitsui. Al Ruwais now has inked offtake agreements for 70% of its total production capacity.
ICYMI #1- Adnoc inked 15-year agreements with China’s ENN Natural Gas and SEFE Marketing & Trading Singapore, a subsidiary of Germany’s state-owned energy firm Securing Energy for Europe, to deliver to each some 1 mn tons of LNG annually from the new plant. The company also inked a similar 15-year agreement with German energy giant Energie Baden-Württemberg to supply it with 0.6 mn tons of LNG annually.
ICYMI #2- Adnoc reached the final investment decision for the project at an executive board committee meeting in June. The company handed out USD 5.5 bn in engineering, procurement, and construction (EPC) contracts for the project to a JV between engineering companies Technip Energies and JGC Corporation, and National Marine Dredging Company.
About the facility: The company plans to start exporting from the Ruwais site in 2028. The project is expected to more than double Adnoc’s LNG production capacity to 15 mn metric tons per annum from 6 mn tons.
