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Adnoc signs 15-year LNG supply agreement with Germany’s Sefe

March 19, 2024
in News
Adnoc signs 15-year LNG supply agreement with Germany’s Sefe
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Adnoc has signed a 15-year agreement with a subsidiary of German energy company Sefe (Securing Energy for Europe) for the delivery of 1 million metric tonnes per annum (mmtpa) of liquefied natural gas (LNG).

The LNG will primarily be sourced from Adnoc’s low-carbon Ruwais LNG plant, which is currently under development in Al Ruwais Industrial City, the Abu Dhabi state-run energy company said on Monday.

It did not disclose the value of the deal.

Deliveries will begin in 2028 with the start of commercial operations at Ruwais, which is expected to more than double Adnoc’s LNG production capacity to meet growing global demand for the supercooled fuel.

This LNG supply agreement marks the start of a new chapter

Frederic Barnaud, chief commercial officer, Sefe

The project consists of two natural gas liquefaction trains with a total capacity of 9.6 mmtpa.

The agreement, the first with a European company from the Ruwais project, “underscores Adnoc’s position as a reliable and responsible global energy provider”, said Fatema Al Nuaimi, executive vice president, downstream business management at Adnoc.

“Gas accounts for almost a quarter of Germany’s primary energy use and we look forward to supporting its efforts to diversify its energy sources.”

Demand for LNG has surged in Europe since Russia’s invasion of Ukraine in February 2022, as countries seek to diversify their energy sources and reduce dependence on Russian gas supplies.

Last year, Adnoc and German power company RWE announced the delivery of the first LNG shipment from the UAE to Germany.

Germany, the EU’s largest economy, plans to produce 80 per cent of its electricity using renewable energy sources by 2030.

Adnoc has signed a 15-year deal with Securing Energy for Europe for the LNG delivery. Photo: AdnocAdnoc has signed a 15-year deal with Securing Energy for Europe for the LNG delivery. Photo: Adnoc

However, Berlin is still heavily reliant on fossil fuels for domestic power production.

Natural gas, crude oil and coal were collectively responsible for about 80 per cent of the country’s energy supply in 2022, according to the International Energy Agency.

“This LNG supply agreement … marks the start of a new chapter,” said Frederic Barnaud, chief commercial officer of Sefe. “We aim to further build on our existing relationship and explore joint low-carbon energy developments.”

Sefe, formerly known as Gazprom Germania, has a 14 per cent share in the gas supply market in Germany and is also engaged in operations across other EU member states. The company also owns and operates about 28 per cent of the gas storage serving the German market.

The deal depends on a final investment decision, regulatory approval and the two companies negotiating a definitive sale and purchase agreement, Adnoc said.

The deal is Adnoc’s second long-term LNG supply agreement involving the Ruwais LNG project, after a 15-year deal with China’s ENN Natural Gas signed in December.

Adnoc, responsible for most of the UAE’s crude oil production, aims to be a major international player across the natural gas value chain.

In 2022, Adnoc established Adnoc Gas to merge its gas processing and LNG operations into a single business unit.

Last year, the company raised about Dh9.1 billion ($2.5 billion) from the sale of a 5 per cent stake in Adnoc Gas in one of the largest initial public offerings of 2023.

Last month, Adnoc and BP agreed to form a joint venture in Egypt that will focus on the development of gas assets.

As part of the deal, BP will transfer its interests in three development concessions and exploration agreements in Egypt to the joint venture. Adnoc is expected to make a proportionate cash contribution, which can be used for future growth opportunities.

The IEA expects global gas demand to grow by 2.5 per cent, or 100 billion cubic metres, this year, compared with a 0.5 per cent increase in 2023.

The expected colder winter weather in 2024, compared with the unusually mild temperatures experienced last year, is likely to result in increased demand for space heating in residential and commercial sectors, the agency said in a report in January.

Meanwhile, LNG supplies are projected to expand 3.5 per cent this year – well below the 8 per cent growth rate experienced between 2016 and 2020 – amid delays in new liquefaction plants and challenges related to the availability of feedstock gas at existing projects, the IEA said.

Updated: March 18, 2024, 12:02 PM

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Copyright for syndicated content belongs to the linked Source : TheNationalNews UAE – https://www.thenationalnews.com/business/energy/2024/03/18/adnoc-signs-15-year-lng-supply-agreement-with-germanys-sefe/

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