Oman LNG has signed a 10-year liquefied natural gas supply agreement with Shell, as the state-owned Omani company optimises its operations to meet global consumer demand.
The deal involves up to 1.6 million metric tonnes of LNG a year and will start from next year, the Oman News Agency reported on Wednesday.
The supply agreement “contributes to opening new horizons for co-operation in global markets”, said Oman LNG chief executive Hamad Al Numani.
The deal also complements the two companies' agreement in October to extend their partnership beyond 2024 as the demand for natural gas continues to grow amid green transition efforts.
As part of that amended agreement, Shell Gas, a unit of London-based Shell, remains the largest private shareholder in Oman LNG, with a 30 per cent shareholding. It will continue its role as technical adviser.
The new deal “strengthens Oman LNG's reputation as a reliable provider of LNG and its … ability to efficiently manage business operations to provide safe and sustainable energy to customers around the world”, Mr Al Numani said.
LNG is vital to the energy strategy of Oman, the second-largest exporter of the commodity in the Middle East after Qatar.
Global LNG trade grew by 1.8 per cent to 404 million tonnes last year, from 397 million tonnes in 2022, as tight supplies constrained the sector's growth, Shell said in its latest LNG outlook report.
Demand for LNG is projected to more than double by 2040, as industrial coal-to-gas switching gathers pace in China, and South Asian and South-East Asian countries use more LNG to support their economic growth, it said.
Improving LNG technology has also opened up possibilities by allowing gas to be transported in tanker ships, much like oil, although the infrastructure required is complex and expensive, and a pipeline network is still needed to distribute the gas to end users, according to the International Energy Agency.
China, the world's biggest coal consumer, is projected to increase the use of natural gas in its primary energy mix to 12 per cent by 2030, from 8.7 per cent in 2020.
India, the second-largest coal consumer, aims to raise the share of natural gas in its total energy mix to 15 per cent by 2030, from about 6 per cent.
Europe is aiming to replace Russian gas supplies with LNG shipments from the US and the Middle East.
Oman LNG in August signed an agreement with Germany's Securing Energy for Europe to supply 400,000 tonnes of LNG a year, starting from 2026, based on a four-year contract.
The new Oman LNG-Shell agreement is “an important addition to the company’s stock of liquefied natural gas and integrated gas, and helps ensure its ability to meet the growing demand for flexible and reliable energy from its global customer”, said Walid Hadi, chairman of the board of directors of Shell in Oman.
Oman LNG operates a complex in the sultanate's north-eastern coastal city of Sur, capable of producing 11.5 million metric tonnes annually.
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Directed by: Craig Gillespie
Starring: Emma Stone, Emma Thompson, Joel Fry
4/5
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Lampedusa: Gateway to Europe
Pietro Bartolo and Lidia Tilotta
Quercus
Austrian Grand Prix race timings
Weekend schedule for Austrian Grand Prix - all timings UAE
Friday
Noon-1.30pm First practice
4-5.30pm Second practice
Saturday
1-2pm Final practice
4pm Qualifying
Sunday
4pm Austrian Grand Prix (71 laps)
UAE currency: the story behind the money in your pockets
MEYDAN CARD
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
8.50pm Handicap (TB) $135,000 (T) 1,600m
9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
10.35pm Handicap (TB) $135,000 (T) 1,600m
The National selections:
6.30pm AF Alwajel
7.05pm Ekhtiyaar
7.40pm First View
8.15pm Benbatl
8.50pm Zakouski
9.25pm: Kimbear
10pm: Chasing Dreams
10.35pm: Good Fortune
More from Neighbourhood Watch:
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
Company%20profile
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SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Profile Box
Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
The%C2%A0specs%20
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UAE currency: the story behind the money in your pockets
match info
Union Berlin 0
Bayern Munich 1 (Lewandowski 40' pen, Pavard 80')
Man of the Match: Benjamin Pavard (Bayern Munich)
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
FROM%20THE%20ASHES
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Killing of Qassem Suleimani
AIDA%20RETURNS
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