Shell, BP and TotalEnergies Invest in Major Abu Dhabi LNG Project

By Christian Moess Laursen

European energy giants Shell, BP and TotalEnergies have signed deals to invest in Abu Dhabi's Ruwais liquefied natural-gas project, set to boost the Gulf nation's export capacity significantly as it pushes into global LNG markets.

The London-based company said Wednesday it will take a 10% stake, same as oil-and-gas peers BP and TotalEnergies and Japan's Mitsui. Abu Dhabi's state-owned oil company Adnoc, the operator of the project, will keep the remaining 60% stake.

Shell didn't disclose financial details.

"In line with our strategy to create more value with less emissions, we are investing in additional LNG capacity and further growing our world-leading LNG portfolio, with energy-efficient and carbon-competitive projects," Shell Chief Executive Wael Sawan said.

The investment will be covered by Shell's cash capital-expenditure guidance, with remains unchanged. The deal also includes an offtake agreement with Shell buying 1 million metric tons of LNG a year.

The Ruwais plant, with production capacity of 9.6 million metric tons a year, will boost the United Arab Emirates' export capacity significantly.

Write to Christian Moess Laursen at [e-mail]

(END) Dow Jones Newswires

07-10-24 0745ET