Shell and TotalEnergies SE are in talks to acquire stakes in ADNOC’s liquefied natural gas (LNG) export project in UAE.
According to Bloomberg, the two oil majors, as well as Japanese trading house Mitsui & Co., are looking for equity in the Ruwais facility, as well as contracts to purchase LNG from it.
Bloomberg revealed that a final investment decision on this project is expected early next month. ADNOC doesn’t require investment from the energy companies to move the project forward and may decide not to sell equity.
The Ruwais project, under ADNOC’s sole ownership, is poised to boost the UAE’s LNG export capabilities, with a projected annual capacity of 9.6 million tons,
The UAE’s only other LNG export plant, the 5.8 million-ton-a-year Das Island facility, is owned by ADNOC LNG, of which ADNOC, Mitsui, BP and TotalEnergies are shareholders.