Mitsui says no decision yet on ADNOC LNG project tie-up after Nikkei report (updated)

Total Energy Services

23/04/2024 09:13

(Updates with Mitsui saying nothing decided, BP and
TotalEnergies no immediate comment, ADNOC and Shell declining to
comment, background)
       TOKYO, April 23 (Reuters) - Japan's Mitsui & Co  8031.T 
said on Tuesday nothing has been decided on a liquefied natural
gas (LNG) project in the United Arab Emirates, after the Nikkei
reported it was teaming up with Abu Dhabi National Oil Company
(ADNOC) on it.
    The Nikkei reported ADNOC would have a stake of around 60%
and Mitsui 10% of the $7 billion LNG project at Ruwais, adding
Mitsui's investment is estimated to be several tens of billions
of yen.
    Other oil majors Shell, BP and Total Energies are also
expected to invest, the report said.
    A Mitsui spokesperson said nothing had yet been decided when
asked about the report. ADNOC and Shell declined to comment. BP
and TotalEnergies did not immediately respond to requests for
comment. 
        The planned Ruwais LNG project, to the west of Abu Dhabi
city, will help ADNOC reach its goal of doubling its LNG
production capacity. It currently has liquefaction capacity of
about 6 million metric tons per annum at its Das Island
facility.
  
        Demand for natural gas soared as Europe scrambled to
secure supplies to replace Russian gas in the wake of Moscow's
invasion of Ukraine last year.
  
        The Ruwais plant will have electric-powered processing
facilities and run on renewable and nuclear grid power, making
it one of the lowest carbon intensity LNG facilities globally,
ADNOC has said. It will have two 4.8 mtpa LNG liquefaction
trains when completed.
  
        ADNOC has big ambitions in gas and LNG, which along with
renewable energy and petrochemicals, it sees as pillars for its
future growth.
  
        It has 
    eyed acquisitions
     of foreign companies to help boost its gas portfolio.
  

 (Reporting by Yuka Obayashi, Yousef Saba, Mariko Katsumura and
Deep Vakil; Editing by Christian Schmollinger and Louise
Heavens)
 ((Mariko.Katsumura@thomsonreuters.com))