His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has met with the heads of major global energy companies. The meeting was to discuss the future of the energy sector and the UAE’s commitment to ensuring a sustainable future through the adoption and implementation of the latest innovations, as well as the pursuit of international collaboration.
Signing ceremony for Ruwais LNG project
During the meeting, His Highness witnessed the signing ceremony for global energy companies joining ADNOC‘s lower-carbon intensity Ruwais liquefied natural gas (LNG) project. bp, Mitsui & Co., Shell, and TotalEnergies will each be awarded a 10 percent equity stake in the Ruwais LNG project, with ADNOC retaining a 60 percent majority stake.
New LNG sales commitments
Separately, ADNOC has signed several new long-term LNG sales commitments with international partners, including a 1 million tonnes per annum (mtpa) agreement with Shell and a 0.6 mtpa agreement with Mitsui & Co. These new commitments take the total committed Ruwais LNG production capacity to 70 percent.
Reinforcing Abu Dhabi’s investment attractiveness
The partnership reinforces Abu Dhabi’s position as a trusted investment destination and builds on the Final Investment Decision (FID) for the Ruwais LNG project, which was endorsed by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan in his capacity as Chairman of the Executive Committee of the Board of Directors of ADNOC last month.
The agreement was signed by Dr. Sultan Ahmed Al Jaber, ADNOC managing director and group CEO, and the CEOs of the international partner companies.
Abu Dhabi’s commitment to innovation
During the meeting and signing ceremony, Sheikh Khaled highlighted how Abu Dhabi’s attractiveness to international investors in the energy sector, combined with the UAE leadership’s commitment to harnessing innovative technological solutions, is accelerating sustainable economic growth nationwide.
Addressing energy challenges through investment and partnerships
Sheikh Khaled emphasized that the UAE continues to make significant progress in addressing energy challenges through investment in clean and lower-carbon intensity projects, as well as by engaging with globally-recognized partners on initiatives that foster long-term growth in critical industries.
Read more: UAE’s ADNOC, JBIC sign $3 billion green financing agreement
Driving efficiencies, enhancing workforce capabilities
Moreover, Sheikh Khaled affirmed the UAE leadership’s focus on driving efficiencies and enhancing workforce capabilities through continued investment in research and development and artificial intelligence (AI), reinforcing the importance of strategic partnerships in sharing knowledge and expertise and unlocking new avenues of innovation in energy transition.
Boosting local industrial development, job creation
Furthermore, His Excellency Dr. Al Jaber said: “We are delighted to welcome bp, Mitsui & Co., Shell, and TotalEnergies as partners in ADNOC’s Ruwais LNG project, which will be one of the world’s lowest carbon-intensive LNG facilities. As natural gas demand continues to increase, this world-class project will enable us to provide more lower-carbon gas to meet growing demand today while helping the world transition to a cleaner energy future. Additionally, the project will accelerate development in Al Ruwais Industrial City, boost the local industrial ecosystem and create more skilled private sector jobs for UAE Nationals.”
Ruwais LNG project
The Ruwais LNG project, currently under development in Al Ruwais Industrial City, Al Dhafra, Abu Dhabi, will be the first LNG export facility in the Middle East and North Africa (MENA) region to run on clean power. It will leverage the latest technologies and AI to minimize emissions and drive efficiency.
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