By Christian Moess Laursen

European energy giants Shell, BP and TotalEnergies have signed deals to invest in Abu Dhabi's Ruwais liquefied natural-gas project, set to boost the Gulf nation's export capacity significantly as it pushes into global LNG markets.

The London-based company said Wednesday it will take a 10% stake, same as oil-and-gas peers BP and TotalEnergies and Japan's Mitsui. Abu Dhabi's state-owned oil company Adnoc, the operator of the project, will keep the remaining 60% stake.

Shell didn't disclose financial details.

"In line with our strategy to create more value with less emissions, we are investing in additional LNG capacity and further growing our world-leading LNG portfolio, with energy-efficient and carbon-competitive projects," Shell Chief Executive Wael Sawan said.

The investment will be covered by Shell's cash capital-expenditure guidance, with remains unchanged. The deal also includes an offtake agreement with Shell buying 1 million metric tons of LNG a year.

The Ruwais plant, with production capacity of 9.6 million metric tons a year, will boost the United Arab Emirates' export capacity significantly.

Write to Christian Moess Laursen at

(END) Dow Jones Newswires

07-10-24 0745ET