Adnoc Gas to stick to its Ruwais pursuit

It will go ahead with $5b buy of Adnoc's stake in the Ruwais LNG project

- Gulf News Report

Adnoc Gas said it will proceed with the acquisition of Adnoc's stake in the Ruwais liquefied natural gas project for about $5 billion once construction is completed, as it locks in long-term sales and advances one of the UAE's largest LNG expansions.

In a statement to state news agency WAM, Adnoc Gas said it has already secured long-term sales and purchase agreements covering more than 8 million tonnes per annum of output from Ruwais, which is designed to produce 9.6 million tonnes per annum.

About 80 per cent of volumes will be sold under long-term contracts, with the remainder marketed on the spot market, mirroring the commercial model used at its Das Island LNG facility.