The Emirati gas company ADNOC Gas announced on Monday an agreement of at least one billion dollars with the French TotalEnergies to supply it with liquefied natural gas, European countries that seek to diversify their suppliers to do without Russia. This agreement, valid for three years, weighs between 1,000 and 1,200 million dollars (between 900 million and 1,000 million euros), ADNOC Gas, a subsidiary of the Emirati oil giant Abu Dhabi National Oil Company (ADNOC), said in a statement.
The Emirati liquefied natural gas (LNG) “will be delivered to various export markets around the world,” the company added, without specifying the volumes supplied. The agreement was signed with TotalEnergies Gas and its subsidiary Power Limited.
There is already an agreement between the Emirates and Germany
In July 2022, an agreement was signed between the French multinational and ADNOC “to cooperate in the energy supply sector”, during a visit to Paris by the President of the United Arab Emirates, Sheikh Mohamed bin Zayed al-Nahyan. The Emirates also announced in September the supply of natural gas and diesel to Germany, as part of an agreement on “energy security”.
European countries are increasingly relying on LNG as an alternative to Russian gas, following the Russian invasion of Ukraine. The issue is particularly sensitive for Germany, half of whose gas imports come from Russia. France, for its part, imported about 17% of the natural gas from Russia before the Ukrainian war – triggered in February 2022 by the Russian invasion, according to the Ministry of Ecological Transition.
In 2021, the United Arab Emirates produced 57 billion cubic meters of natural gas, or about 1.4% of global production, according to figures from the BP Statistical Review of World Energy. That same year, according to the same source, the Emirates produced 8.8 billion cubic meters of liquefied natural gas, or 1.7% of world exports. The country hopes to reach an annual production of 15 million tons in the coming years, according to the Bloomberg agency.
Source: BFM TV
