ADNOC Allocates 40% Stake in Ruwais LNG to bp, Mitsui, Shell, TotalEnergies

by Admin
Adnoc accelerates delivery of low carbon growth

bp, Mitsui & Co., Shell, and TotalEnergies are to be awarded a 10 percent equity stake each in the Ruwais LNG project, with ADNOC retaining a 60 percent majority stake. Separately, ADNOC has signed several new long-term LNG sales commitments with international partners, including Shell for the delivery of 1 million tonnes per annum (mtpa) and with Mitsui & Co. for 0.6 mtpa, thereby taking the committed Ruwais LNG production capacity to 70 percent.

His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has met with the heads of global energy companies to exchange views on the future of the energy sector and the UAE’s commitment to ensuring a sustainable future through the adoption and implementation of the latest innovations, as well as the pursuit of international collaboration.

His Highness further witnessed the signing ceremony with international partners joining ADNOC’s lower-carbon intensity Ruwais liquefied natural gas (LNG) project.

This partnership reinforces Abu Dhabi’s position as a trusted investment destination and builds on the Final Investment Decision (FID) for the Ruwais LNG project, which was endorsed by His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan in his capacity as Chairman of the Executive Committee of the Board of Directors of ADNOC last month.

The agreement was signed by His Excellency Dr. Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO; Murray Auchincloss, CEO of bp; Kenichi Hori, President and CEO of Mitsui & Co.; Wael Sawan, CEO of Shell; and Patrick Pouyanné, Chairman and CEO of TotalEnergies.

During the meeting and signing ceremony, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan highlighted Abu Dhabi’s attractiveness to international investors operating within the energy sector, coupled with the UAE leadership’s commitment to harnessing innovative technological solutions, which are accelerating sustainable economic growth nationwide.

His Highness emphasized that the UAE continues to make significant strides in addressing energy challenges through investments in clean and lower-carbon intensity projects and by engaging with globally recognized partners on initiatives that foster long-term growth in critical industries.

His Highness further affirmed the UAE leadership’s focus on driving efficiencies and enhancing workforce capabilities through continued investment in research and development and artificial intelligence (AI), reinforcing the importance of strategic partnerships in sharing knowledge and expertise and unlocking new avenues of innovation in the energy transition.

H.E. Dr. Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO said “We are delighted to welcome bp, Mitsui & Co., Shell, and TotalEnergies as partners in ADNOC’s Ruwais LNG project, which will be one of the world’s lowest carbon-intensive LNG facilities. 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. Additionally, the project will accelerate development in Al Ruwais Industrial City, boost the local industrial ecosystem, and create more skilled private sector jobs for UAE Nationals.”

Ruwais LNG Project

The Ruwais LNG project, currently under development in Al Ruwais Industrial City, Al Dhafra, Abu Dhabi, will be the first LNG export facility in the Middle East and North Africa (MENA) region to run on clean power. It will leverage the latest technologies and AI to minimize emissions and drive efficiency.

The project consists of two 4.8 mtpa LNG liquefaction trains with a total capacity of 9.6 mtpa. Natural gas is a crucial transitional fuel, generating lower-carbon emissions compared to other fossil fuels, and the facility will more than double ADNOC’s UAE LNG production capacity to around 15 mtpa as the company builds its international LNG portfolio. The participation of bp, Mitsui & Co., Shell, and TotalEnergies in the project is subject to customary regulatory clearances.

Murray Auchincloss, bp CEO, said “bp is proud to be joining ADNOC in its plans for Ruwais LNG, deepening our longstanding strategic partnership. This is another example of our investment in gas growth in the Middle East as we continue to strengthen our LNG business globally.”

Kenichi Hori, President and CEO of Mitsui & Co., said “Mitsui believes that LNG will continue to play an important role in ensuring stable energy supply and responding to climate change. The lower-carbon Ruwais LNG project perfectly aligns with our strategy. We are delighted to collaborate with ADNOC, with whom we have maintained a strong relationship for over 50 years, as well as with bp, Shell, and TotalEnergies, our long-term global partners in the industry. We are excited to embark on this new journey together with our partners and are committed to contributing to its success.”

Wael Sawan, Shell CEO, said “We are delighted to build on our longstanding partnership with ADNOC through the Ruwais LNG project. In line with our strategy to create more value with fewer 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 “We are delighted to join forces with our longstanding partner ADNOC on the development of this new LNG project. 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 as a transitional fuel.”

Source ADNOC Group