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Adnoc Gas said this long-term commitment strengthens its position as a “trusted global LNG supplier and provides strong visibility on future cash flows.”
“With over 80 percent of Ruwais LNG’s production already contracted to long-term customers, the agreement reflects robust market demand and our ability to monetize resources effectively,” the company said.
Adnoc Gas did not provide further details regarding the agreement.
In June 2024, Adnoc made the final investment decision to build its LNG export terminal in UAE’s Al Ruwais.
The LNG project will more than double Adnoc’s existing UAE LNG production capacity to around 15 mtpa, as the company builds its international LNG portfolio.
Moreover, BP, Mitsui & Co., Shell, and TotalEnergies agreed to buy a 10 percent equity stake in Adnoc’s Al Ruwais LNG export terminal.
Adnoc Gas said in November 2024 that it expects to spend about $5 billion to buy a 60 percent operating interest from its parent company Adnoc in the Al Ruwais LNG plant.
Adnoc’s Ruwais LNG project is expected to commence commercial operations in 2028.
As per offtake deals, Adnoc signed a 15-year sales and purchase deal with Indian Oil in August.
By 2029, IndianOil is set to become Adnoc’s largest LNG customer, with a total offtake of 2.2 mtpa – comprising 1.2 mtpa from Adnoc’s Das Island operations and 1 mtpa from the Ruwais LNG project.
This year, Adnoc also signed Ruwais LNG SPAs with Japan’s trading house Mitsui & Co, Japan’s city gas supplier and LNG importer Osaka Gas, and Chinese independent gas distributor ENN.
