Germany's EnBW signs 15-year LNG supply deal with ADNOC
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 08 2024
0mins
Source: Yahoo Finance
- EnBW signs 15-year LNG contract with ADNOC: EnBW, a German utility company, has signed a 15-year liquefied natural gas (LNG) contract with Abu Dhabi National Oil Company (ADNOC) to receive 0.6 million metric tons per year from 2028.
- Focus on LNG imports in Europe: Europe is increasing LNG imports due to reduced westbound pipeline gas shipments following Russia's invasion of Ukraine.
- ADNOC's LNG projects: ADNOC is committed to delivering LNG to European partners and is focusing on natural gas as a transition fuel to reduce emissions.
- Green initiatives by EnBW: EnBW plans to invest 40 billion euros by 2030 to green its generation portfolio, aiming for over half of capacity to be from renewable sources by 2030 and potentially phasing out coal burning by 2028.
- Technological advancements in LNG production: The Ruwais LNG project aims to run on clean power, utilizing electric drive liquefaction systems to improve carbon dioxide emissions balance and AI technologies for energy efficiency.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
