Adnoc has signed a third Sales and Purchase Agreement (SPA) for the lower-carbon Ruwais liquefied natural gas (LNG) project, with Germany’s EnBW Energie Baden-Württemberg AG (EnBW), one of the largest operators of energy infrastructure in Germany and across Europe.

 

The 15-year SPA for supplying 0.6 million tonnes per annum (mtpa) of LNG converts a previous Heads of Agreement between Adnoc and EnBW into a definitive agreement. 

 

The LNG will primarily be sourced from the Ruwais LNG project, which is currently under development in Al Ruwais Industrial City, Abu Dhabi.

 

Deliveries are expected to start in 2028 upon commencement of its commercial operations. To date, over 8 mtpa of the project’s 9.6 mtpa production capacity has been committed to international customers through long-term agreements.

 

The agreement with EnBW is Adnoc’s second SPA with a German company for Ruwais LNG, following a 15-year, 1 mtpa agreement signed in November with SEFE Marketing and Trading Singapore, a subsidiary of Germany’s SEFE Securing Energy for Europe GmbH.

 

Fatema Al Nuaimi, Adnoc Executive Vice President, Downstream Business Management, said: “We are very pleased to partner with EnBW, one of the largest energy supply companies in Germany, in our second Sales and Purchase Agreement to the country from the Ruwais LNG project. This partnership underscores Adnoc’s dedication to fostering sustainable and strategic energy collaborations. By supplying lower-carbon LNG to EnBW, we are not only enhancing our partner’s energy security but also contributing to decarbonisation efforts, reaffirming Adnoc’s position as a trusted partner in the evolving energy landscape.” 

 

The agreement builds on the UAE-Germany Energy Security and Industry Accelerator (ESIA) agreement, signed by the UAE and Germany in 2022, which aims to advance cooperation in energy security, decarbonisation and lower-carbon fuels.

 

The agreement also further advances the Joint Declaration of Intent for Sustainable Energy Cooperation between the Ministry of Industry and Advanced Technology of the UAE and the German state of Baden-Württemberg signed in February 2024.

 

Peter Heydecker, EnBW Board Member for Sustainable Generation Infrastructure, said: “We are very pleased to establish a long-term LNG contract with Adnoc. Finalising this contract is a significant step in furthering our relationship and expanding our LNG portfolio. We will continue to work with our esteemed partner Adnoc to develop other opportunities in LNG and adjacent businesses and look forward to a mutually beneficial long-term relationship and joint business success.”

 

Adnoc Gas announced in November 2024 that it expects to acquire Adnoc’s 60 per cent stake in the Ruwais LNG project at cost, estimated at around $5 billion, in the second half of 2028.

 

Upon completion, the project, comprising two 4.8 mtpa liquefaction trains with a combined capacity of 9.6 mtpa, will more than double Adnoc Gas’ existing operated LNG production capacity to around 15 mtpa. -TradeArabia News Service

Nabors Industries has announced the closing of its acquisition of Parker Wellbore, advancing Nabors’ leadership position in drilling and related, value-added services.

 

Parker’s solutions portfolio includes Quail Tools,the leading rental provider of high-performance downhole tubulars in the US Lower 48 and US Offshore markets. Quail provides similar rental services internationally in key markets. Parker holds significant market positions in onshore and offshore tubular running services, across the US, the Middle East, Latin America, and Asia. Additionally, Parker’s contract drilling services include land and barge rigs, as well as Operations & Maintenance services.

 

Anthony Petrello, Chairman, President and CEO of Nabors, commented on the closing of the acquisition, “With the successful completion of the Parker transaction, we are accelerating the growth of our Drilling Solutions business across several important markets, while bolstering our global drilling business. We are excited to welcome a strong and talented organisation to the Nabors team. Our customers will benefit from the best practices that both organisations employ, and we expect to create incremental value for them by combining our offerings. Our immediate priority is to ensure seamless integration, and to capture the synergies we have projected.”

 

“I would like to thank both teams for their dedication to the integration planning process, while maintaining outstanding customer service. The teams have worked exceedingly well together during this period, giving reason for optimism as we move forward. I also want to thank Sandy Esslemont, Parker’s President and CEO, for his leadership and to wish him continued success.”

 

Nabors expects the acquisition to deliver robust strategic and financial benefits, specifically:

Nabors expects the Parker business to produce annualised 2025 adjusted EBITDA of approximately $150 million before the realisation of expense synergies. Expense synergies are estimated at $40 million by the end of 2025. Post-closing capital expenses for 2025 are estimated at $70 million. -TradeArabia News Service

 

Mubadala, the sovereign wealth fund of Abu Dhabi, has announced that it has successfully completed the sale of its indirect stake in Calisen, a leading provider of smart metres and small-scale energy transition infrastructure assets based in Manchester, UK.

 

Mubadala said the sale marks the end of a four-year investment cycle during which Mubadala, alongside partners, Global Infrastructure Partners (GIP), a part of BlackRock, and the infrastructure business at Goldman Sachs Alternatives, worked closely with Calisen to deliver strong financial and commercial performance.

 

In addition, Mubadala has supported Calisen's expansion capabilities to unlock new growth opportunities, including electric vehicle (EV) charging and the electrification of heating, solar, and battery solutions, deepening Calisen's role in the UK's energy transition.

 

A key milestone in this journey was Calisen's 2023 acquisition of MapleCo, a high-quality UK smart metering company owned by Equitix, which is now part of the shareholder group, strengthening Calisen's market position.

 

With an installed base of 16 million metres, the company is well-positioned to capitalise on market trends underpinned by the ongoing energy transition as the UK advances in its journey to achieving net zero by 2050.

 

Saed Arar, the Head of Infrastructure at Mubadala, said: "Over the past four years, we've been proud to support Calisen as the business executed its long-term growth strategy."

 

Calisen is the UK's leading owner and manager of smart meters, essential energy infrastructure assets, as well as a provider of installation, meter reading.

 

"The success of this investment comes from selecting the right partners and business to support and implementing active management initiatives that were accretive to returns, de-risked the investment, and positioned Calisen well for an attractive exit," stated Arar.

 

This transaction aligns with Mubadala's approach of capturing value through well-timed and strategic exits, while ensuring that Calisen is well-positioned for its next growth phase, he added.-TradeArabia News Service