Abu Dhabi National Oil Company ADNOC intends to allocate 40% of the Ruwais LNG project to four major international energy companies: Shell, Total Energies, BP, and Japan’s Mitsui.

It is expected that each of the four companies will obtain 10% of the project, which means that each company will own 960 thousand tons annually of liquefied natural gas. ADNOC will also allocate 5% of the project to another partner whose identity has not yet been revealed, according to what informed sources told Reuters.

The Emirati Company will allocate two million tons annually of liquefied natural gas to its shareholders.

The four companies will obtain liquefied natural gas at a lower price than the market but on less flexible terms.

The Ruwais LNG project is an important project to enhance LNG trade between the Middle East and Asia.

The Ruwais project is essential to ADNOC’s plans for future growth, as the company seeks to increase its production of liquefied natural gas from 6 million tons annually to 15 million tons annually.

The project is the first liquefied natural gas export facility in the region powered by clean energy.

This project comes at a time when the Gulf countries are witnessing a rise in demand for natural gas, especially after the Russian invasion of Ukraine.