Work is underway on Adnoc’s 9.6mn t/y Ruwais LNG facility, which is due online in 2028. Upon completion, the export terminal will be transferred to its listed subsidiary Adnoc Gas, which has been busy signing deals with LNG offtakers. The firm says it has signed sales commitments for 70% of Ruwais capacity (MEES, 9 August 2024).
Adnoc Gas appears to be leaning towards keeping a sizeable proportion of capacity free to sell on the spot market, with CFO Peter van Driel telling media this week that an 80:20 split would be a possible option. “We have a whole suite of potential customers that we serve under long term arrangements, but there’s also a group that we want to serve much more on a spot basis, to give us the flexibility and enhance the margins.” (CONTINUED - 213 WORDS)