A consortium of global energy firms has acquired a combined 40% stake in ADNOC Group‘s Ruwais liquefied natural gas (LNG) project, anticipating a surge in global natural gas demand exceeding 50% by 2040.
Dr Sultan Ahmed Al Jaber, ADNOC’s managing director and group CEO, stated that the project will facilitate increased supply of lower-carbon gas to meet current demand while supporting the global shift towards cleaner energy.
According to ADNOC, bp, Mitsui & Co., Shell, and TotalEnergies will each hold a 10% stake in the Ruwais LNG plant. Additionally, ADNOC has entered into multi-year LNG supply agreements with Shell and Mitsui, committing to deliver 1 million tonnes per annum (mtpa) and 6 mtpa, respectively.
ADNOC has already secured buyers for 70% of the plant’s annual production capacity of 9.6 million tonnes, although the binding nature of these agreements was not specified.
The company views gas, LNG, renewable energy, and petrochemicals as key pillars for future growth, aiming to increase its current LNG production capacity from 6 mtpa to 15 mtpa.
Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, emphasized the UAE’s commitment to enhancing efficiency and workforce capabilities through continued investments in research and development (R&D) and artificial intelligence (AI).
The Ruwais LNG project, located in Abu Dhabi, is set to be the first LNG export facility in the Middle East and North Africa region powered by clean energy. It will consist of two LNG liquefaction trains, each with a capacity of 4.8 million metric tons per annum (mmtpa), totalling 9.6 mmtpa.
ADNOC has already secured supply agreements with Germany’s EnBW, Japan Petroleum Exploration Company, TotalEnergies Gas and Power, and India Oil Corporation.
Furthermore, ADNOC has been actively pursuing acquisitions, recently acquiring stakes in US and Mozambique gas projects, alongside ambitions to expand its presence in global chemicals and trading operations.
