Japan’s Inpex takes Ruwais closer to full capacity

Adnoc has pushed Ruwais LNG past the 90% mark. Abu Dhabi oil giant Adnoc signed a 15-year sales and purchase agreement to supply Japan’s energy company Inpex with 1 mtpa, primarily from the Ruwais LNG project, with deliveries expected to begin once commercial operations launch in 2028, according to a press release.

Long-term buyers have been lining up for two years. Adnoc had already placed around 75% of Ruwais LNG’s 9.6 mtpa capacity by November 2024, including a 15-year heads of agreement with IndianOil signed that September. By November 2025, the project booked more than 8 mtpa through long-term contracts with ENN, Sefe, EnBW, Mitsui, Shell, Petronas, and Osaka Gas.

Japan’s stake in the project goes well beyond Inpex. Japan’s Mitsui already owns a 10% stake in Ruwais LNG and has committed to buy 0.6 mtpa, while Osaka Gas is down for 0.8 mtpa. The Inpex agreement adds another Japanese offtaker to a project where Tokyo is emerging as both investor and buyer.

Less than 1 mtpa is left to sell, by our math, and long-term agreements now cover more than 90% of Ruwais LNG’s mtpa capacity, leaving Adnoc with limited capacity uncommitted ahead of the project’s planned start-up.

Our take: A supply book this full — this early — could be read as a wager on tight future LNG supply. Buyers are opting to lock in volumes years ahead of first cargo rather than take their chances on the spot market through the cycle.

Ruwais is also the enterprise of Adnoc Gas’ next growth phase. The company is due to acquire Adnoc’s 60% interest in the project at cost in 2H 2028 for an estimated USD 5 bn in EPC contracts. The first train is expected online in the same period, with the second in early 2029.