Adnoc Gas Plc, a unit of Abu Dhabi National Oil Co., raised its capital expenditure plan to about $15 Bln over the next five years from about $13 billion earlier, according to a statement Monday. It’s expanding processing capacity at home by taking control of a coastal LNG plant from its parent company once construction is completed.
ADNOC Gas expects ADNOC to transfer its 60% share of the Ruwais LNG project to the company at cost – estimated to be around US$5 Bln – in 2028.
On behalf of the ADNOC Group, ADNOC Gas is managing the construction and design of Ruwais LNG, as well as leading the marketing of LNG volumes. Over 7 Mln tons/year of the project’s total production capacity of 9.6 Mln tons/year has already been committed to international customers.
The first of the plant’s two trains is expected to come on stream in 2028 and the second in early 2029.