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ADNOC Secures Deal To TotalEnergies, Will Export Liquefied Natural Gas | |
| Radhika Laghate |
The agreement's strategy is to expand its global reach and strengthen its position as the LNG export partner in the global energy businesses.
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Abu Dhabi National Oil Company (ADNOC) Gas has secured a deal to export liquefied natural gas (LNG) to TotalEnergies Gas and Power Limited, cementing its status as a global company. Under the three-year agreement, ADNOC Gas will supply LNG to TotalEnergies, which will deliver it to various export markets worldwide.
The deal is valued at $1 billion to $1.2 billion. The agreement marks another significant milestone in ADNOC Gas' strategy to expand its global reach and strengthens its position as the LNG export partner of choice for leading global energy businesses.
It meets the needs of its customers by offering supply security, price competitiveness, and flexibility. ADNOC Gas CEO Ahmed Alebri said the partnership with TotalEnergies builds on their shared commitment to sustainability and the energy transition.
The contract is expected to commence in 2023 and run through 2025. TotalEnergies has been operating in the UAE for more than 80 years and sees the additional volumes as an opportunity to strengthen its global LNG portfolio and ability to supply the growing Asian markets.
ADNOC Gas is an integrated gas processing company operating across the gas value chain, from receiving raw gas feedstock from ADNOC to processing and fractionation and selling products to domestic and international customers. The company's stock climbed $9.2 billion on its debut on the Abu Dhabi Securities Exchange, underscoring the significance of the deal.
The partnership with TotalEnergies will enable ADNOC Gas to further expand its reach and solidify its position as a leading global energy player.