Thursday 25 July 2024

HH Sheikh Khaled chairs the meeting

Adnoc go ahead for $5.5bn Ruwais LNG project

ABU DHABI, June 13, 2024

The Executive Committee of Abu Dhabi National Oil Company (Adnoc) Board of Directors has endorsed the final investment decision (FID) for the company's lower-carbon intensity Ruwais liquefied natural gas (LNG) project and the award of an engineering, procurement and construction (EPC) contract for the project valued at approximately $5.5 billion (AED20.2 billion).
The Ruwais LNG project EPC contract was awarded to a joint venture led by Technip Energies, with JGC Corporation and NMDC Energy. 
The Ruwais LNG project will consist of two 4.8 mmtpa LNG liquefaction trains with a total capacity of 9.6 mmtpa, more than doubling Adnoc’s existing UAE LNG production capacity to around 15mmtpa, as the company builds its international LNG portfolio. The facility will leverage artificial intelligence (AI) and the latest technologies to enhance safety, minimise emissions and drive efficiency.
The project, located in Al Ruwais Industrial City in Al Dhafra region of Abu Dhabi, will 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 world’s lowest-carbon intensity LNG plants, the company said.
His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, chaired the meeting of the Executive Committee of the Adnoc Board of Directors.
Sheikh Khaled noted that the project will reinforce Adnoc’s position as a reliable global natural gas supplier and accelerate the development of Al Ruwais Industrial City by attracting investments and boosting the local industrial ecosystem. 
The project will procure highly specialised equipment and materials and will see 55% of the EPC award value flow back into the UAE’s economy under Adnoc’s In-Country Value (ICV) programme, stimulating economic and industrial growth and skilled private-sector jobs for Emiratis, he said.
During the meeting, Sheikh Khaled commended Adnoc’s recent strategic acquisitions in major lower-carbon LNG projects in the US and Mozambique. He was briefed on growth projects across Adnoc’s value chain and gave directives to continue focusing on targeted growth both locally and internationally to meet growing energy demand. 
He also reviewed Adnoc’s strategy to further integrate artificial intelligence (AI) and technology across its business to generate greater value and deliver smarter, cleaner and safer energy to the world. As part of this strategy, Adnoc is leveraging its portfolio of low carbon energy to power the growth of AI whilst accelerating the integration and deployment of AI solutions across its value chain to unlock further value, lower emissions and keep people safe. 
Other members attending the meeting included Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Adnoc Managing Director and Group CEO; Suhail Mohamed Al Mazrouei, Minister for Energy and Infrastructure; Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala Investment Company; and Jassem Mohammed Buatabah Al Zaabi, Chairman of the Abu Dhabi Department of Finance. - TradeArabia News Service


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