BP, Shell, TotalEnergies and Mitsui take stakes in ADNOC’s worthy LNG project

Dwelling Fossil Energy BP, Shell, TotalEnergies and Mitsui take stakes in ADNOC’s worthy LNG project

July 10, 2024,
by

Nadja Skopljak

Abu Dhabi National Oil Company (ADNOC) has signed agreements with commercial majors BP, Mitsui & Co., Shell and TotalEnergies below which every will take a 10% equity stake in what might well well be the significant liquefied natural gas (LNG) export facility within the Middle East and North Africa (MENA) location to flee on neat energy, with ADNOC preserving 60%.

Source: Abu Dhabi Media Place of work

The Ruwais LNG project is for the time being below pattern in Al Ruwais Industrial City, Al Dhafra, Abu Dhabi, and would perhaps perhaps perhaps simply leverage doubtlessly the most up-to-date applied sciences and man made intelligence (AI) to within the reduction of emissions and drive efficiency.

The project includes two 4.8 million tonnes per annum (mtpa) LNG liquefaction trains with an whole skill of 9.6mtpa and is anticipated to extra than double ADNOC’s UAE LNG production skill to round 15 mtpa.

The participation of BP, Mitsui & Co., Shell and TotalEnergies is discipline to oldschool regulatory clearances.

Individually, ADNOC has signed several fresh long-duration of time LNG gross sales commitments with world partners, including for the supply of 1 mtpa with Shell and 0.6 mtpa with Mitusi & Co., taking the dedicated Ruwais LNG production skill to 70%.

The partnership builds on the final investment decision (FID) for the Ruwais LNG project, counseled by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Chairman of the Abu Dhabi Executive Council and Chairman of the Executive Committee of the Board of Directors of ADNOC, final month.

The FID got right here after the signing of a 15-yr, 0.6 mmtpa LNG present heads of settlement for the project between ADNOC and EnBW, which modified into as soon as the third long-duration of time LNG present settlement for the project, coming after the 2d such present settlement from March 2024 with SEFE and the significant 15-yr HOA with China’s ENN Pure Gasoline from December 2023.

  • Posted: 27 days within the past

The settlement modified into as soon as signed by Sultan Ahmed Al Jaber, ADNOC Managing Director and Crew CEO, Murray Auchincloss, BP’s CEO, Kenichi Hori, President and CEO of Mitsui & Co., Wael Sawan, Shell CEO, and Patrick Pouyanné, Chairman and CEO of TotalEnergies.

“We are delighted to welcome bp, Mitsui & Co., Shell, and TotalEnergies as partners in ADNOC’s Ruwais LNG project, which will be one among the enviornment’s lowest carbon-intensive LNG facilities,” said Al Jaber.

“As natural gas demand continues to expand, this world-class project will allow us to present extra lower-carbon gas to fulfill increasing demand nowadays while helping the enviornment transition to a cleaner energy future. Additionally, the project will hurry pattern in Al Ruwais Industrial City, enhance the local industrial ecosystem and make extra expert non-public sector jobs for UAE Nationals.”

Source: Abu Dhabi Media Place of work

Mitsui’s Kenichi Hori said: “Mitsui believes that LNG will continue to play a wanted feature in guaranteeing ranking energy present and responding to local weather commerce. The lower-carbon Ruwais LNG project perfectly aligns with our scheme. We are delighted to collaborate with ADNOC, with whom we have maintained a ranking relationship for over 50 years, as neatly as with bp, Shell, and TotalEnergies, our long-duration of time world partners within the commercial.”

Staunch by way of the meeting and signing ceremony, Al Nahyan said that Abu Dhabi’s just correct appears to be like to world investors working internal the energy sector on the side of the UAE leadership’s dedication to harnessing innovative technological alternate strategies is accelerating sustainable financial enhance nationwide.  

He stated that the UAE continues to manufacture critical strides in addressing energy challenges by way of investment in neat and lower-carbon intensity initiatives and by partaking with globally-known partners on initiatives that foster long-duration of time enhance in crucial industries.

“We are delighted to brand up for forces with our long-standing accomplice ADNOC on the near of this fresh LNG project,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.

“Final yr at COP28, TotalEnergies and ADNOC each dedicated to lead the Oil & Gasoline Decarbonization Structure to lower the commercial’s greenhouse gas emissions. With Ruwais LNG, we’re striking this precept into state with one among the enviornment’s lowest-carbon intensity LNG vegetation, permitting natural gas to completely play its feature of transitional gasoline.”

To expose, ADNOC objectives to lower its carbon intensity by 25% by 2030 while investing $23 billion to decarbonize its operations and hurry the growth of the energies of the long run, including hydrogen, geothermal, renewables and carbon capture applied sciences. The firm has also field out its ambition to enact salvage zero by 2045 and zero methane emissions by 2030.

Earlier this month ADNOC signed a overall settlement with the Japan Bank for Worldwide Cooperation (JBIC) for a $3 billion green financing facility which will toughen the firm’s decarbonization and energy transition initiatives.

  • Posted: about 1 month within the past

  • Posted: about 1 month within the past

  • Posted: about 1 month within the past

  • Posted: about 1 month within the past

  • Posted: about 1 month within the past

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