bp, Mitsui & Co., Shell and TotalEnergies are to take a 10% equity stake each in ADNOC’s Ruwais LNG project
ADNOC will retain a 60% majority stake and serve as lead developer and operator of the project, which consists of two 4.8mtpa LNG liquefaction trains with a total capacity of 9.6mtpa. The first LNG export facility in the MENA region to be powered by renewable energy, it will be one of the world’s lowest carbon-intensive LNG facilities and is set to more than double ADNOC’s UAE LNG production capacity to around 15mtpa, as the company builds its international LNG portfolio.
ADNOC has awarded an engineering, procurement and construction (EPC) contract worth around US$5.5bn to a Technip-led joint venture and is set to commence start construction shortly, with LNG deliveries expected to start in 2028. ADNOC has signed several new long-term LNG sales commitments with international partners, including for the delivery of 1 million tonnes per annum (mtpa) with Shell and 0.6mtpa with Mitusi & Co., taking the committed Ruwais LNG production capacity to 70%.
Building on long-standing partnerships
Murray Auchincloss, bp CEO, said, “bp is proud to be joining ADNOC in its plans for Ruwais LNG, deepening our long-standing strategic partnership. This is a further example of our investment in gas growth in the Middle East as we continue to strengthen our LNG business globally.”
Wael Sawan, Shell CEO, said, “We are delighted to build on our long-standing partnership with ADNOC through the Ruwais LNG project. In line with our strategy to create more value with less emissions, we are investing in additional LNG capacity and further growing our world-leading LNG portfolio, with energy-efficient and carbon-competitive projects."
Patrick Pouyanné, chairman and CEO of TotalEnergies, said, “Last year at COP28, TotalEnergies and ADNOC both committed to lead the Oil & Gas Decarbonization Charter to reduce the industry’s greenhouse gas emissions. With Ruwais LNG, we are putting this principle into practice with one of the world’s lowest-carbon intensity LNG plants, allowing natural gas to fully play its role of transitional fuel.”
