The UAE Abu Dhabi National Oil Co. will supply German companies with LNG and diesel cargoes in 2022 and 2023 as Europe’s biggest oil consumer seeks to diversify energy sources amid the reduced supply of Russian gas and upcoming European Union sanctions on crude and oil product imports from Moscow.
As part of a new Energy Security and Industry Accelerator agreement signed between the UAE and Germany, ADNOC will supply RWE with an LNG cargo in late 2022 to be used in the country’s floating LNG import terminal in Brunsbuttel, state-run WAM news agency reported Sept. 25.
ADNOC has also earmarked several other LNG cargoes for German customers for delivery in 2023, the agency said, without disclosing further details.
The agreements were signed during a state visit by German Chancellor Olaf Scholz to the UAE, the second stop on a three-country trip that started in Saudi Arabia and will take him next to Qatar, where other energy deals are expected to be signed.
ADNOC plans to work with several German companies on hydrogen projects and signed deals with companies including Uniper, Aurubis, and RWE as it looks to expand into Europe after having established export markets in Asia.
On Sunday, the president of the UAE, Sheikh Mohammed bin Zayed al-Nahyan, signed an agreement with Scholz that covers accelerating energy security and industrial growth.
Separately, the UAE renewable energy company Masdar will explore wind energy development off the German coast.