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Germany Signs LNG Supply Deal With ADNOC

Germany’s state-controlled firm Securing Energy for Europe (Sefe) has signed a deal with ADNOC, under which Abu Dhabi’s national oil company will supply LNG to Germany for 15 years beginning in 2028.

ADNOC signed the 15-year Heads of Agreement with Sefe for the delivery of 1 million metric tonnes per annum (mmtpa) of liquefied natural gas (LNG), the UAE’s state energy firm said on Monday.

LNG deliveries will be made from ADNOC’s Ruwais LNG project, which is currently under development in Al Ruwais Industrial City, Abu Dhabi.

The definitive LNG agreement is contingent upon a final investment decision on the project, including regulatory approvals, and the negotiation of a definitive Sales and Purchase Agreement between the two companies, Sefe said in a separate statement today.  

The Ruwais LNG project is expected to 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 lowest carbon intensity LNG plants in the world, says the German company, which was created in 2022 after Germany saved a former Gazprom unit it had expropriated in April with a multi-billion-euro loan.

“We are delighted to be the first European company to secure LNG volumes from ADNOC’s low-carbon Ruwais LNG project and look forward to this deal being the foundation for more enhanced collaboration in LNG and low-carbon alternatives,” SEFE chief executive, Dr Egbert Laege, said in a statement.

For ADNOC, the deal is yet another export outlet for its LNG project as the UAE’s giant looks to play a larger role in global LNG supply, while for Sefe and Germany, the agreement would be another source of gas that would boost its energy security.

At the end of last year, Sefe signed a natural gas delivery deal with Equinor, one the biggest-ever natural supply deals for Norway’s energy giant worth an estimated $55 billion (50 billion euros).

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By Tsvetana Paraskova for Oilprice.com

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