Shell Plc and TotalEnergies SE are among several global energy companies in talks to buy stakes in Abu Dhabi National Oil Co.’s next liquefied natural gas export project in the United Arab Emirates.
The two oil majors, as well as Japanese trading house Mitsui & Co., are looking for equity in the Ruwais facility, as well as contracts to purchase LNG from it, according to people with knowledge of the matter. A final investment decision on the project could happen as soon as next month, said the people who asked not to be named as the information is private.
Adnoc doesn’t require investment from the energy companies to move the project forward, and may decide not to sell equity, the people said.
Adnoc and Shell declined to comment. Mitsui said in an emailed response that no decision had been made at this time. Total didn’t immediately respond to requests for comment.
Gas is taking an increasingly bigger role in the Middle East as countries see robust demand for the fuel that may play a bridging role in the transition to cleaner energy sources. The UAE is boosting capacity and Saudi Arabia is seeking projects overseas. Qatar, one of the world’s biggest LNG suppliers along with the US and Australia, is also spending billions of dollars expanding production.
No comments:
Post a Comment