Adnoc signs 15-year SPA with INPEX for Ruwais LNG project

Adnoc announced on Tuesday the signing of a 15-year Sales and Purchase Agreement (SPA) with INPEX CORPORATION (INPEX), Japan’s largest exploration and production (E&P) company, for the supply of 1 million tonnes per annum (mtpa) of liquefied natural gas (LNG) from the Ruwais LNG project.

The agreement was announced during a visit to Japan by Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of Adnoc, and Executive Chairman of XRG, where he is leading a delegation for meetings with senior Japanese government and business leaders to strengthen the UAE’s longstanding energy partnership with Japan and build on six decades of trusted cooperation.

"This SPA with INPEX marks the first long-term LNG agreement announced following the launch of Adnoc and XRG’s integrated global LNG marketing and trading platform, demonstrating how we are bringing more LNG molecules, greater market access and enhanced commercial flexibility to our customers," said Nasser Al Muhairi, Acting CEO of Adnoc Downstream Industry, Marketing & Trading, and Chairman of Ruwais LNG.

"The agreement builds on Adnoc’s decades-long energy partnership with Japan, advances the commercialisation of Ruwais LNG and reinforces strong market confidence in the project. As Adnoc and XRG target 47 mtpa of combined marketable LNG by 2035, Ruwais LNG will be a key source of reliable, flexible and lower-carbon supply for customers in Asia and around the world," he added.

The agreement further strengthens the longstanding relationship between INPEX and the Adnoc Group. It aligns with INPEX Vision 2035, announced in February 2025, under which INPEX aims to strengthen its LNG portfolio and supply LNG more flexibly to complement the LNG from its own projects.

INPEX is also a long-standing upstream partner of Adnoc, holding participating interests across a number of Abu Dhabi’s offshore and onshore concessions.

The LNG will be primarily sourced from the Ruwais LNG project, which is under development in Al Ruwais Industrial City, Abu Dhabi, and is scheduled to start commercial operations in 2028.

The SPA marks another milestone in Adnoc’s global LNG expansion strategy and reinforcing the company’s position as a leading global supplier of lower-carbon LNG.

To date, 90 per cent of the Ruwais LNG project’s 9.6 mtpa production capacity has been committed to international buyers across Asia and Europe through long-term arrangements.

The Ruwais LNG plant will be the first LNG export facility in the Middle East and Africa region to operate on clean power, making it one of the lowest-carbon intensity LNG plants in the world. The facility will leverage artificial intelligence and the latest technologies to enhance safety and efficiency, minimize emissions and drive operational excellence.

Adnoc Gas announced in November 2024 that it expects to acquire Adnoc’s 60 per cent stake in the Ruwais LNG project at cost, estimated at around $5 billion, in 2028. Upon completion, the project, comprising two 4.8 mtpa liquefaction trains with a combined capacity of 9.6 mtpa, will more than double Adnoc Gas’ existing operated LNG production capacity to around 15 mtpa.

Meanwhile Adnoc and XRG have signed a Strategic Collaboration Agreement (SCA) with Mitsui & Co (Mitsui) to unlock new growth opportunities across the energy value chain.

The agreement was signed during the visit to Japan by Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Envoy of the Minister of Foreign Affairs to Japan, Managing Director and Group CEO of Adnoc, and Executive Chairman of XRG.

Under the agreement, the companies will explore collaboration across LNG, crude oil, sulfur, shipping and chemicals, as well as international energy investment opportunities through XRG.

Nasser Al Muhairi, Acting CEO of Adnoc Downstream Industry, Marketing & Trading, and Chairman of Ruwais LNG, said, "Japan is a cornerstone market for Adnoc, and Mitsui a longstanding and trusted partner. This agreement broadens our collaboration across the energy value chain - from LNG, crude oil and sulfur to shipping and chemicals - and, through XRG, opens new opportunities for international investment and lower-carbon growth.

By combining our complementary strengths, we aim to enhance supply resilience, deliver greater value to our customers and unlock sustainable, long-term growth across Asia.” Kenichiro Yamaguchi, Senior Executive Managing Officer, Mitsui & Co., said that this Strategic Collaboration Agreement reaffirms Mitsui & Co.’s steadfast commitment to the UAE.

"We are confident that it will pave the way for an even stronger partnership with Adnoc and XRG across the energy and chemicals value chain. Mitsui & Co. respects the long and successful relationship with Adnoc since the 1970s, and we sincerely appreciate this opportunity to formalise a broad-based and multifaceted framework for future collaboration," he said.

The SCA establishes a framework for collaboration across multiple strategic areas, including crude oil market development and long-term supply, LNG sales and optimisation, sulfur procurement and logistics, and shipping solutions for LNG, ammonia, sulfur and other commodities.

Through XRG, ADNOC and Mitsui will also evaluate international investment opportunities across the energy value chain, alongside potential collaboration on lower-carbon fuels and chemicals, including methanol and other projects at TA'ZIZ.

WAM