GLNG: Shell, TotalEnergies and Mitsui eye stake in ADNOC’s Ruwais LNG plant

Two energy majors and a trading house are vying to purchase a stake in Abu Dhabi National Oil Co.’s (ADNOC) Ruwais LNG plant, Bloomberg reported on April 23.

France’s TotalEnergies and British multinational Shell along with Japanese trading house Mitsui & Co. have all begun discussions with the UAE’s state-run company seeking to buy equity in the project and secure LNG offtake deals, according to Bloomberg’s sources.

It is believed a positive final investment decision (FID) could be taken as early as May. However, moving the Ruwais project forward is not contingent on the sale of equity and ultimately ADNOC could choose to spurn the offers and not sell equity.

Upon completion, the Ruwais LNG plant will boast a production capacity of 9.6mn tonnes per year (tpy), which will more than double the UAE’s total output.