Adnoc Gas to acquire 60% stake in Ruwais LNG
- 11 Nov 2024
Adnoc Gas announced it expects to acquire Adnoc’s 60 per cent stake in the Ruwais Liquified Natural Gas (LNG) plant in the second half of 2028 at cost.
Adnoc Gas expects Adnoc to transfer its 60 per cent share of the Ruwais LNG Project to the company at cost - estimated to be around $5 billion - in the second half of 2028.
On behalf of the Adnoc Group, Adnoc Gas is managing the construction and design of Ruwais LNG, as well as leading the marketing of LNG volumes. Over 7 mtpa of the project’s total production capacity of 9.6 mtpa has already been committed to international customers.
Dr. Ahmed Mohamed Alebri, CEO of Adnoc Gas, said, “It has always been our intention to acquire Adnoc’s 60 per cent stake in Ruwais LNG. This investment is a central component of our ambitious international growth plans and will strengthen AdnocGas’ position as a powerhouse in the global LNG market.
Over the next five years we plan to invest $15 billion in Capex in projects which will enable us to capture opportunities from the forecast increase in domestic and global demand for the lower carbon gases we produce.”
The Ruwais LNG plant will more than double Adnoc Gas’ current gross 6 mtpa LNG capacity operated from Das Island to reach more than 15 mtpa; it will have two electrically powered liquefaction trains, each with a processing capacity of 4.8 mtpa, a first in the Middle East and North Africa (MENA) region. When completed, Ruwais LNG will be one of the lowest-carbon intensity LNG plants in the world.
The first of the plant’s two trains is expected to come on stream in H2 2028 and the second in early 2029. Over any given year, the facility will be able to produce enough LNG to power every home in the Greater London area for more than two years.
The facility will also leverage AI and other advanced digital technologies to enhance safety, minimise emissions and drive efficiency.
In June, Adnoc announced a Final Investment Decision (FID) on the Ruwais LNG project and an Engineering, Procurement, and Construction (EPC) contract, valued at over $5.5 billion. In July, it welcomed Mitsui & Co, Shell, bp, and TotalEnergies as equity partners, each taking a 10 per cent stake.
WAM
