ADNOC Gas to Acquire 60% Stake in Ruwais LNG from ADNOC at Cost in H2 2028
11.11.2024 By Tank Terminals - NEWS

November 11, 2024 [Energy Connects]- ADNOC Gas, a world-class integrated gas processing company, announced it expects to acquire ADNOC’s 60% 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% share of the Ruwais LNG Project to the company at cost – estimated to be around US$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% stake in Ruwais LNG. This investment is a central component of our ambitious international growth plans and will strengthen ADNOC Gas’ position as a powerhouse in the global LNG market. Over the next five years we plan to invest US$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 US$5.5 billion. In July, it welcomed Mitsui & Co, Shell, bp, and TotalEnergies as equity partners, each taking a 10% stake.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Universal Fine Chemicals SPC Beaks Ground on World’s Second-Largest Polymer Manufacturing Plant at Sohar Port and Freezone
12.10.2024 - NEWS
December 10, 2024 [Sohar Port Freezone]- Under the patronage of His Excellency Sultan bin Salim A... Read More
EGAS Signs Regasification Service Agreement with the Supplier of the Second Floating Regasification Unit
12.10.2024 - NEWS
December 10, 2024 [EGAS]- As part of the Egyptian Natural Gas Holding Company’s (EGAS) strategy... Read More
Air Liquide Receives EU Support to Develop the First Large-Scale Project for the Production, Liquefaction, and Distribution of Low Carbon and Renewable Hydrogen from Ammonia
12.10.2024 - NEWS
December 10, 2024 [Air Liquide]- Air Liquide has been awarded a grant of 110 million euros from t... Read More
Yara Starts Production of Renewable-Based Ammonia in Brazil
12.10.2024 - NEWS
December 10, 2024 [Yara]- The first in Brazil, Yara now produces ammonia made from renewable biom... Read More