INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

ADNOC signs LNG delivery agreement

The LNG will primarily be sourced from ADNOC’s low-carbon Ruwais LNG project.
  • The LNG will primarily be sourced from ADNOC’s low-carbon Ruwais LNG project, currently being developed in Al Ruwais Industrial City, Abu Dhabi.
  • The Ruwais LNG project is set to be the first LNG export facility in the Middle East and North Africa (MENA) region to run on clean power.

Abu Dhabi, UAE — ADNOC Wednesday said it has signed a 15-year agreement with ENN LNG (Singapore), a wholly owned subsidiary of ENN Natural Gas, for the delivery of at least 1 million metric tons per annum (mmtpa) of liquefied natural gas (LNG).

The LNG will primarily be sourced from ADNOC’s low-carbon Ruwais LNG project, currently being developed in Al Ruwais Industrial City, Abu Dhabi. The deliveries are expected to start in 2028 upon the commencement of the facility’s commercial operations.

The Ruwais LNG project is set to be the first LNG export facility in the Middle East and North Africa (MENA) region to run on clean power, making it one of the lowest-carbon intensity LNG plants in the world, supporting ADNOC’s accelerated Net Zero by 2045 ambition.

When completed, the project, which consists of two 4.8 mmtpa LNG liquefaction trains with a total capacity of 9.6 mmtpa, will more than double ADNOC’s LNG production capacity to help meet the increased global demand for natural gas.

The LNG agreement is contingent upon a final investment decision (FID) on the project, including regulatory approvals and the negotiation of a definitive Sale and Purchase Agreement between the two companies.

Rashid Khalfan Al Mazrouei, ADNOC Senior Vice President of Marketing, said, “This landmark LNG agreement from our ongoing Ruwais LNG project enhances ADNOC’s position as a reliable and responsible global energy provider and creates new opportunities for value-creation across our gas value chain as natural gas demand continues to increase.