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United Arab Emirates’ state-owned oil company Abu Dhabi National Oil Company (ADNOC) has reportedly allocated a 40% stake in its Ruwais liquefied natural gas (LNG) project to four energy giants, including Shell plc (NYSE:SHEL), TotalEnergies SE (NYSE:TTE), BP plc (NYSE:BP), and Japan’s Mitsui (OTC:MITSF).
Each of the four companies is anticipated to receive a 10% stake in the project, reported Reuters.
The project, which received its final investment decision in June, is expected to be crucial for Shell and TotalEnergies’ LNG trade between the Middle East and Asia.
The project is expected to more than double the UAE’s sea-borne fuel output, reaching approximately 9.6 million metric tons per annum (mtpa) by late 2028.
As per the report, ADNOC intends to allocate an additional 5% stake to another partner, though specific details were not provided.
The companies are anticipated to receive the offtake at a lower price than the market rate, though with reduced flexibility.
In April, a report suggested that ADNOC considered buying BP. However, it was reported that the talks did not progress beyond preliminary discussions.
In March 2024, BP and the ADNOC suspended talks in their joint bid to buy a stake in Israeli gas company NewMed Energy.
Also Read: Covestro Rejects ADNOC’s Takeover Offer For Being ‘Too Low’: Report
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
