{"id":619067,"date":"2024-04-24T00:00:00","date_gmt":"2024-04-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/24\/shell-totalenergies-eye-ruwais-stake\/"},"modified":"2024-04-24T00:00:00","modified_gmt":"2024-04-24T00:00:00","slug":"shell-totalenergies-eye-ruwais-stake","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/24\/shell-totalenergies-eye-ruwais-stake\/","title":{"rendered":"Shell, TotalEnergies eye Ruwais stake"},"content":{"rendered":"

Everyone wants a piece of Ruwais: <\/strong>UK oil and gas giant Shell and French TotalEnergies are reportedly vying for a stake in Abu Dhabi National Oil Company\u2019s (Adnoc) Ruwais liquefied natural gas (LNG) project, as well as purchasing its LNG output, Bloomberg<\/a> reports, citing sources familiar with the talks. In addition to being among the bidders for a stake in the LNG project, Japanese trading firm Mitsui & Co.<\/a> is also reportedly negotiating to purchase LNG from Ruwais and snag a portion of the project\u2019s equity, according to Bloomberg. However, no agreement had been reached as of yet, the firm said, according to Reuters<\/a>. <\/p>\n

What we know so far:<\/strong> Mitsui\u2019s statement came in response to Japanese newspaper Nikkei reporting that Mitsui has agreed to invest \u201c[JPY] tens of bns\u201d to acquire 10% of the USD 7 bn Ruwais project, with Adnoc retaining 60%. The newswire also name-checked BP, Shell and TotalEnergies as potential investors in the plant.<\/p>\n

Adnoc might give the bids a pass: <\/strong>The state-owned oil giant might opt to not sell equity in Ruwais as it \u201cdoesn\u2019t require investments from the energy companies,\u201d Bloomberg\u2019s sources say. Adnoc intends to use its own funds to expand production at the Ruwais LNG project, with exports from the Ruwais site to commence in 2028. The project is expected to more than double the company\u2019s LNG production capacity to 15 mn metric tons per year from 6 mn.<\/p>\n

Where things stand with the Ruwais plant:<\/strong> Adnoc is nearing a final investment decision on the project, expected \u201cas soon as next month,\u201d according to Bloomberg\u2019s sources. The business information service had earlier reported<\/a> that the oil firm plans to reach a final investment decision on the project sometime in 1H 2024. <\/p>\n

ICYMI:<\/strong> Adnoc\u2019s gas arm plans to acquire the Ruwais LNG plant<\/a> to help double its production capacity, and cater its product offering to the increased demand for lower-carbon solutions globally. With this acquisition, Adnoc Gas aims to double its LNG production capacity by 2028, as it looks to increase LNG export volumes to serve the growing global market, with the International Energy Agency expecting 2.5% y-o-y growth<\/a> in global gas demand in 2024 as a transition fuel.<\/p>\n

\n

MARKETS THIS MORNING-<\/p>\n

Asian markets are solidly in the green this morning<\/strong>, with the Nikkei and Korea\u2019s Kospi each up 2% or more after Wall Street posted a second day of gains yesterday, snapping its losing streak. Futures are in the green<\/strong> as far as the eye can see, pointing to a stronger opening in both major European markets and on Wall Street later today.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

26,777<\/p>\n<\/td>\n

\n

-4.9% (YTD: +7.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.99<\/p>\n<\/td>\n

\n

Sell 48.13<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.00<\/p>\n<\/td>\n

\n

Sell 48.10<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,484<\/p>\n<\/td>\n

\n

-0.2% (YTD: +4.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,051<\/p>\n<\/td>\n

\n

-0.3% (YTD: -5.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,166<\/p>\n<\/td>\n

\n

0.0% (YTD: +2.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,070<\/p>\n<\/td>\n

\n

+1.2% (YTD: +6.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,046<\/p>\n<\/td>\n

\n

+0.3% (YTD: +4.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,008<\/p>\n<\/td>\n

\n

+1.4% (YTD: +10.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 88.42<\/p>\n<\/td>\n

\n

+1.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 1.83<\/p>\n<\/td>\n

\n

+1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,336.60<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 66,438.60<\/p>\n<\/td>\n

\n

-0.9% (YTD: +57.1%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 4.9% at yesterday\u2019s close<\/strong> on turnover of EGP 3.7 bn (26.3% below the 90-dayaverage). Local investors were net sellers. The index is up 7.6% YTD.<\/p>\n

In the green: <\/strong>Oriental Weavers (+0.5%). <\/p>\n

In the red: <\/strong>Fawry (-8.6%), Orascom Development Egypt (-8.6%), and Alexandria Mineral Oils Company (-8.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Japanese trading firm Mitsui is also mulling a stake<\/p>\n","protected":false},"author":1,"featured_media":619068,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1703,6710,93,72,122,594,1990],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-adnoc","tag-adnoc-gas","tag-energy","tag-enterpriseam","tag-planet-finance","tag-shell","tag-totalenergies","wpautop","entry"],"acf":{"mongo_id":"570f5fc6-2454-4ffc-bf76-0b42fb2b0639","order":"14","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1649.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Shell, 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