Adnoc offloads a 40% stake in Ruwais LNG project: Abu Dhabi National Oil Company (Adnoc) agreed to sell 40% stake in its USD 7 bn Ruwais liquefied natural gas (LNG) project to UK oil and gas giant Shell, French TotalEnergies, BP, and Japan’s Mitsui, with each firm acquiring 10%, Reuters reports, citing sources with knowledge of the matter. The companies could ink final agreements as soon as next week, sources told Bloomberg.

Another 5% stake could also be sold to a different partner, Reuters said, without providing further details.

The oil giant also reportedly earmarked around 2 mn metric tons per annum (mtpa) to shareholders at below-market prices but with less flexibility, sources told the newswire.

Brewing for a while: News that Shell, TotalEnergies, BP and Mitsui & Co. are vying for stakes in the Ruwais LNG project and its output came out in April, with Mitsui considering an investment of tens of bns of JPY. The plant is set to double Adnoc’s LNG production to 9.6 mn metric tons by 2028. Mitsui, BP, and TotalEnergies are already partners on the UAE’s only LNG export plant on Das Island.

REMEMBER- Adnoc reached the final investment decision for the project at an executive board committee meeting in June. The company handed out USD 5.5 bn in engineering, procurement, and construction (EPC) contracts for the project to a JV between engineering companies Technip Energies and JGC Corporation, and National Marine Dredging Company. The company plans to start exporting from the Ruwais site in 2028.

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