Shell, Total and Others Said to Take Stakes in Adnoc's LNG Plant.

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    • Subject Terms:
      MITSUI & Co. Ltd. 001664523 MITSY; SHELL Oil Co.
    • Abstract:
      Four international companies, Shell, TotalEnergies, BP, and Mitsui & Co., have agreed to invest in Abu Dhabi National Oil Co.'s (Adnoc) next liquefied natural gas (LNG) export project. Each company will take a 10% stake in the Ruwais LNG plant, which is expected to sign agreements as early as next week. Despite the global shift towards greener alternatives, these energy majors are betting on long-term demand for natural gas. The Ruwais plant will significantly increase the UAE's LNG export capacity, making it the second-largest in the Middle East after Qatar. Adnoc has already signed a $5.5 billion contract for the project's construction before securing investments from the four companies. This project is part of the UAE's broader strategy to expand its presence in global LNG markets. [Extracted from the article]
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