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The SPA between Adnoc Ruwais Liquefied Natural Gas and Inpex Energy Trading Singapore is for the delivery of up to 1 million tons per annum (mtpa) of LNG, according to separate statements by state-owned Adnoc and Inpex.
The agreement further strengthens the longstanding relationship between Inpex and Adnoc.
Inpex holds participating interests across a number of Abu Dhabi’s offshore and onshore concessions.
In addition, Adnoc noted that the SPA marks the first long-term LNG agreement announced following the launch of Adnoc and XRG’s integrated global LNG marketing and trading platform, targeting 47 mtpa of combined marketable LNG by 2035.
The LNG supplies under the new SPA will be primarily sourced from the Ruwais LNG project, which is under development in Al Ruwais Industrial City, Abu Dhabi, and is scheduled to start commercial operations in 2028.
To date, 90 percent of the Ruwais LNG project’s 9.6 mtpa production capacity has been committed to international buyers across Asia and Europe through long-term arrangements, Adnoc said.
Nearly 23 percent of the volumes have been committed to Japanese customers.
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.