{"id":93602,"date":"2024-07-08T00:00:00","date_gmt":"2024-07-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnoc-to-sell-40-of-ruwais-lng-project\/"},"modified":"2024-07-08T00:00:00","modified_gmt":"2024-07-08T00:00:00","slug":"adnoc-to-sell-40-of-ruwais-lng-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/08\/adnoc-to-sell-40-of-ruwais-lng-project\/","title":{"rendered":"Adnoc to sell 40% of Ruwais LNG project"},"content":{"rendered":"

Adnoc offloads a 40% stake in Ruwais LNG project:<\/strong> Abu Dhabi National Oil Company (Adnoc) agreed to sell 40% worth of stakes in its USD 7 bn Ruwais liquefied natural gas (LNG) project to UK oil and gas giant Shell, French TotalEnergies, BP, and Japan\u2019s Mitsui, with each firm acquiring 10%, Reuters<\/a> reports, citing unnamed sources. The companies could ink final agreements as soon as next week, sources told Bloomberg<\/a>. <\/p>\n

Another 5% stake could also be sold to a different partner<\/strong>, Reuters said, without providing further details.<\/span><\/p>\n

The oil giant also reportedly earmarked around 2 mn metric tons per annum (mtpa) to shareholders at below-market prices <\/strong>but with less flexibility, according to an anonymous source. <\/p>\n

REMEMBER-<\/strong> News that Shell, TotalEnergies, BP and Mitsui & Co. are vying for stakes in the Ruwais LNG project and its output came out in April<\/a>, with Mitsui considering an investment of tens of bns of JPY. The plant is set to double Adnoc\u2019s LNG production to 9.6 mn metric tons by 2028. Mitsui, BP, and TotalEnergies are already partners on the UAE\u2019s only LNG export plant on Das Island. <\/p>\n

ICYMI- <\/strong>Adnoc reached the final investment decision for the project at an executive board committee meeting in June<\/a>. 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The oil giant is selling 10% stakes to Shell, TotalEnergies, BP, and Mitsui, sources say<\/p>\n","protected":false},"author":1,"featured_media":93603,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[2392],"tags":[57,143,60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-adnoc","tag-energy","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"c126665d-478c-4a5e-a00c-bd272174729c","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/559.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc to sell 40% of Ruwais LNG project","related_issue":[93597],"teaser":"The oil giant is selling 10% stakes to Shell, TotalEnergies, BP, and Mitsui, sources say","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.f37b4999-cbd8-4d8f-a18d-ce81c48a745e.mp3"},"yoast_head":"\nAdnoc to sell 40% of Ruwais LNG project - 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