Shell’s Latest Venture: Throwing Money at Abu Dhabi LNG Project to Maintain its Greedy Legacy

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.

Doubling Down on LNG:

The Ruwais plant, designed to pump out 9.6 million tons of LNG per year, will significantly boost the UAE’s export capacity, taking it from 5.6 million tons to an impressive 15 million tons annually. ADNOC, Abu Dhabi’s state-owned oil company and project operator, will retain a 60% stake, letting Shell and friends bask in the glory of their 10% slices.

Greenwashing at Its Finest:

“The UAE continues to make significant strides in addressing energy challenges through investment in clean and lower-carbon intensity projects,” declared ADNOC Chairman and crown prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. This gem of a statement comes as the Ruwais plant promises to use electric-driven motors powered by “clean energy,” supposedly making it a beacon of sustainability in the fossil fuel industry.

Shell’s Master Plan:

Shell, ever the visionary, says this deal fits perfectly with its strategy to strengthen its LNG portfolio. With global LNG demand expected to leap more than 50% by 2040, Shell is gearing up to be the world’s go-to supplier. After all, nothing spells “commitment to a low-carbon future” like doubling down on fossil fuels.

What’s Next?

Construction is set to begin soon, with deliveries expected by 2028. So, mark your calendars for the next chapter in Shell’s relentless pursuit of profit, cloaked in the guise of environmental stewardship.

So here’s to Shell, BP, TotalEnergies, and Mitsui—continuing to show us how to save the planet, one massive fossil fuel project at a time.

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