H.H. Sheikh Khaled witnessed signing ceremony for international partners joining ADNOC’s Ruwais LNG project…reports Asian Lite News
H.H. 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 adoption and implementation of latest innovations, as well as the pursuit of international collaboration.
Sheikh Khaled further witnessed the signing ceremony for the same international partners joining ADNOC’s lower-carbon intensity Ruwais liquefied natural gas (LNG) project.
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 one million tonnes per annum (mtpa) with Shell and 0.6mtpa with Mitusi & Co., taking the committed Ruwais LNG production capacity to 70 per cent.
The 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 H.H. 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, H.H. 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.
Sheikh Khaled emphasised that the UAE continues to make significant strides in addressing energy challenges through investment in clean and lower-carbon intensity projects, and by engaging with globally-recognised partners on initiatives that foster long-term growth in critical industries.
Sheikh Khaled 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 energy transition.
Dr. Al Jaber 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.”
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 minimise emissions and drive efficiency.
The project consists of two 4.8mtpa LNG liquefaction trains with a total capacity of 9.6mtpa. 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 15mtpa, 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.