Abu Dhabi's Adnoc has signed a long-term sales and purchase agreement with a unit of British energy major Shell for its Ruwais liquefied natural gas project.
The 15-year deal signed during the Adipec conference in Abu Dhabi on Tuesday, will be the Abu Dhabi oil company's first long-term agreement with Shell, for the delivery of up to one million tonnes per annum (mtpa) of LNG, Adnoc said in a statement.
The LNG will be primarily sourced from the Ruwais LNG project, currently under development in Al Ruwais Industrial City and the first LNG export facility in the Middle East and Africa region to operate on clean power.
Shell holds a 10 per cent stake in the project through its subsidiary, Shell Overseas Holdings.
Following the agreement, more than 8 mtpa of the Ruwais project’s planned 9.6 mtpa capacity has been secured through long-term deals with customers across Asia and Europe, just 16 months after the project’s final investment decision in July 2024, the company said.
This also sets a “new benchmark” for large-scale LNG projects globally, said Fatema Al Nuaimi, chief executive of Adnoc Gas.
“While the industry can take up to four or five years to market such volumes, Ruwais is advancing at record pace,” she said.
“This agreement with Shell marks a significant milestone that reinforces Adnoc’s position as a reliable global supplier of lower-carbon LNG.”
The agreement also marks Adnoc's eighth long-term offtake deal for the Ruwais LNG project. The first sales and purchase agreement was announced at last year's Adipec.
The latest SPA converts a previous heads of agreement into a definitive agreement, marking a “significant step” in Adnoc's efforts to rapidly commercialise the Ruwais LNG project.
“In parallel, construction, contractor mobilisation and site works are all on track for commissioning by the end of 2028,” Ms Al Nuaimi said.
The Ruwais LNG plant, intended to be one of the lowest-carbon intensity LNG projects in the world, will leverage artificial intelligence and the latest technology to enhance safety, operational efficiency and emissions performance.
With two 4.8 mtpa liquefaction trains, the facility will more than double the LNG production capacity of Adnoc Gas to approximately 15 mtpa, supporting its LNG expansion strategy to meet rising global demand.
London-based Shell, which has been Adnoc's partner for more than 50 years, “shares a vision of strengthening global energy security through strategic collaboration”, said Tom Summers, executive vice president of Shell LNG Marketing and Trading.
“This agreement is a significant milestone in our partnership with Adnoc and supports Shell’s strategy of expanding our LNG portfolio,” he said.
Adnoc Gas is a key player in parent company Adnoc’s strategy to enhance its natural gas production capacity and expand global LNG exports. It supplies about 60 per cent of the UAE’s gas sales needs and supplies end-customers in more than 20 countries.
The company, which has access to 95 per cent of the UAE’s natural gas reserves, is looking to boost exports of products such as LNG, liquefied petroleum gas and naphtha.
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Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
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