The United Arab Emirates will accelerate its plan to complete construction of the West-East Pipeline project by 2027, doubling the export capacity of state-owned Abu Dhabi National Oil Company via Fujairah, the Abu Dhabi Media Office said Friday.
The Abu Dhabi National Oil Company has the operational flexibility to increase production to meet market needs when export constraints allow, Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed said, according to the statement.
Mubadala Energy said Friday that Catarus raised $9.8 billion in project financing for a liquefied natural gas export facility in Louisiana, US, and will launch its construction.The Abu Dhabi-based company, which holds a 24.1% stake in the US exploration and production company, also provided equity in the project's financing, alongside its partners Kimmeridge and Canada Pension Plan Investment Board.Catarus also secured long-term offtake agreements with global energy and industrial companies, including EQT (EQT.ST), Glencore (GLEN.L, GLN.JO), Mercuria, Petronas, and Saudi Arabian Oil Co.'s (SASE:2222) Aramco Trading.The Commonwealth LNG plant will have a capacity of 9.5 million tonnes per annum and is expected to start operations in 2030.
BP (BP) is contemplating selling certain natural gas assets in Egypt, Reuters reported Friday, citing sources familiar with the matter.The British oil and gas giant has yet to make a final decision regarding the move, according to the report.The company didn't immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)