Shell, bp, Total get 40% stake in ADNOC’s Ruwais LNG
ADNOC also signed several new long-term LNG sales commitments with the energy majors
Dubai: Global energy majors Shell, TotalEnergies, bp, and Japan's Mitsui secured a 40 per cent stake in Abu Dhabi National Oil Company's (ADNOC) lower-carbon intensity Ruwais liquefied natural gas (LNG) project, following landmark agreements signed on Wednesday.
bp, Mitsui & Co., Shell and TotalEnergies are to be awarded a 10 per cent equity stake each in the Ruwais LNG project with ADNOC retaining a 60 per cent majority stake. Separately, 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 per cent.
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, witnessed the signing ceremony for the international partners joining ADNOC’s Ruwais LNG project.
The partnership builds on the Final Investment Decision (FID) for the Ruwais LNG project, which was endorsed by 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 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, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan highlighted how Abu Dhabi’s attractiveness to international investors operating within the energy sector, coupled with the UAE leadership’s commitment to harnessing innovative technological solutions, is accelerating sustainable economic growth nationwide.