ADNOC to supply LNG to TotalEnergies for $1 bln

ADNOC Gas has agreed to supply LNG to French energy giant TotalEnergies in a deal worth more than USD 1 billion, the Emirati NOC’s gas subsidiary announced on Monday.

The three-year contract with TotalEnergies’ subsidiary TotalEnergies Gas and Power is worth between USD 1 billion and USD 1.2 billion and is expected to begin in 2023.

TotalEnergies has operated in the UAE for more than 80 years.

“These additional volumes will strengthen our global LNG portfolio, our ability to supply the growing Asian markets, and our ambition to accompany our customers in their energy transition.” said Thomas Maurisse, senior vice-president of LNG of TotalEnergies.

ADNOC established ADNOC Gas in January 2023 and followed with an IPO valued at around USD 2 billion in February, which was raised from 4% to 5% at the end of March 2023.

In the same month, ADNOC Gas posted an 32% increase in annual core earnings for 2022.

ADNOC Gas supplies around 60% of the UAE’s gas demand and clients in more than 20 countries.