Home UAE Abu Dhabi ADNOC’s Ruwais LNG sells 40% stake to Shell, Total, BP, Mitsui The state energy giant said it now has buyers lined up for 70 per cent of the plant’s 9.6 million-tonne annual production capacity by Kudakwashe Muzoriwa July 11, 2024 Image credit: ADNOC Group A consortium of global energy companies has acquired a combined 40 per cent stake in ADNOC Group’s Ruwais liquefied natural gas (LNG) project as the global demand for natural gas is expected to surge by more than 50 per cent by 2040. “As natural gas demand continues to increase, this world-class project will enable us to provide more lower-carbon gas to meet growing demand today while helping the world transition to a cleaner energy future,” said Dr Sultan Ahmed Al Jaber, ADNOC managing director and group CEO. bp, Mitsui & Co., Shell and TotalEnergies will each take a 10 per cent stake in the Ruwais LNG plant, ADNOC said in a statement. Separately, the state-owned energy firm signed multi-year LNG supply agreements with Shell and Mitsui to deliver 1 million tonnes per annum (mtpa) and 6 mtpa, respectively. The state energy giant said it now has buyers lined up for 70 per cent of the plant’s 9.6 million-tonne annual production capacity without specifying whether the agreements are binding. The company has big ambitions in gas and LNG, which, along with renewable energy and petrochemicals, it sees as pillars for its future growth. It currently produces around 6 mtpa of LNG and aims to lift its capacity to 15 mtpa. Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, said the UAE remains focused on driving efficiencies and enhancing workforce capabilities through continued investment in research and development (R&D) and artificial intelligence (AI). The Ruwais LNG project, currently under development in Abu Dhabi, is set to be the first LNG export facility in the Middle East and North Africa region to run on clean power. When completed, it is expected to consist of two 4.8 million metric tons per annum (mmtpa) LNG liquefaction trains with a total capacity of 9.6 mmtpa. ADNOC has already signed supply deals with Germany’s EnBW, Japan Petroleum Exploration Company, TotalEnergies Gas and Power, and India Oil Corporation. Meanwhile, the energy giant has been pursuing a string of acquisitions that have made it one of the energy industry’s most active dealmakers. It acquired stakes in gas projects in the US and Mozambique in May and has ambitions to expand into chemicals and trading operations globally. Read: ADNOC weighs possible bid for Australian gas company Santos, sources say Tags Abu Dhabi ADNOC Group BP Mitsui Ruwais LNG TotalEnergies You might also like Wizz Air launches first long-haul service from Abu Dhabi to Milan Aldar unveils new luxe villa community on Yas island Saudi’s flynas launches flights to Abu Dhabi, Sharjah Abu Dhabi, Dubai launch unified parking permit system