Posted by John Donovan 12 July 2024
In the latest installment of “Shell’s Quest for Global Domination,” the European energy behemoth has inked a deal to invest in Abu Dhabi’s Ruwais liquefied natural-gas (LNG) project. Alongside equally virtuous partners BP, TotalEnergies, and Japan’s Mitsui, Shell is securing its place in the race to expand the UAE’s LNG production capacity.
Shell’s Slice of the Pie:
Shell proudly announced it would grab a 10% stake in the Ruwais project, matching the stakes of BP, TotalEnergies, and Mitsui. Not to be outdone, Shell will also buy a cool 1 million metric tons of LNG annually, while Mitsui will settle for a mere 600,000 tons. Details of the financial arrangements? Oh, those remain as opaque as ever.