Adnoc seals first overseas LNG sale, Dewa to expand Hassyan desalination plant, and ECB eyes Kuwait link

Adnoc’s overseas LNG push finds its first buyer

Adnoc sealed its first LNG offtake agreement from overseas gas assets: Abu Dhabi National Oil Company (Adnoc) signed a 10-year agreement to supply India’s Gujarat Energy with up to 4 mn tons of liquefied natural gas (LNG) starting in 2028, marking the first sale from its international investment arm XRG’s overseas portfolio, according to an Adnoc statement. The agreement is Adnoc’s fifth LNG supply contract in India, with the gas set to come from XRG-owned assets outside the Gulf. The financial terms and the specific source of supply weren’t disclosed.

What's the bigger play? Adnoc is connecting its overseas gas investments with Asian buyers through its LNG marketing and trading platform, launched in July. The platform has since secured agreements with buyers in Japan and Thailand, while XRG recently agreed to acquire Shell’s 16.7% stake in Australia’s North West Shelf LNG project for USD 1.45 bn. Adnoc is targeting 47 mn tons of marketable LNG annually beyond 2030 as it builds up its international supply network.

REMEMBER- India is already a major buyer of Adnoc’s LNG: As we reported in January, Adnoc Gas signed more than USD 20 bn in LNG contracts with Indian buyers over the previous two years, largely drawing on UAE production. The Gujarat Energy agreement extends that relationship to XRG’s international portfolio, giving Adnoc another way to serve Indian demand beyond its Gulf-based supplies.

More desalination capacity coming for Dubai

Dubai Electricity and Water Authority (Dewa) signed a 30-year water purchase agreement with Acwa Power for the AED 1.8 bn second phase of the Hassyan seawater desalination plant, Wam reports. Acwa Power will develop, finance, build, and operate the plant and take a 40% stake, with Dewa holding the remaining 60%.

The expansion boosts the plant’s capacity by a third: Phase two will add 60 mn gallons a day to the 180 mn gallons a day from phase one, which is due for completion in 1Q 2027. That will take Dubai’s total desalination capacity to 735 mn gallons a day by 2029. The plant uses reverse osmosis, which pushes seawater through membranes and uses far less energy than the thermal plants that have long supplied the Gulf. The UAE relies on desalination for most of its drinking water and is targeting 90% of it from reverse osmosis by 2030.

Etihad Credit Bureau eyes link with Kuwait

Kuwaiti lenders could soon be able to check the credit records of companies operating in the UAE: The Etihad Credit Bureau aims to complete a technical link with Kuwait’s credit system by the end of 2026, its first step toward a GCC-wide network for sharing credit data, Al Bayan reports. The first phase covers corporate credit information only, though the company plans to study extending coverage to individuals next.

Why it matters: More cross-border lending and investment is flowing between Gulf markets, and lenders need to assess borrowers’ solvency across borders, Etihad Credit Bureau Director General Marwan Lutfi told the paper. The bureau has already started working with Kuwait’s banking sector. A full GCC network will take further technical and operational studies, he added.