To avoid Strait of Hormuz, ADNOC Gas mulls LNG plant
ADNOC Gas is considering building a liquefied natural gas (LNG) export plant on the United Arab Emirates's east coast to avoid the risky Strait of Hormuz, which has been affected by tensions with Iran.
CFO Peter van Driel shared that while nothing's final yet, this could help keep exports moving if tensions continue.
Hormuz attacks spur Gulf export shifts
ADNOC's ships have faced 15 attacks in the Strait of Hormuz during the conflict (three just last week), so finding safer routes is a big deal.
Other Gulf countries are making moves too: Saudi Arabia is considering expanding export capacity to the Red Sea, Iraq is working on plans to rehabilitate old links and build new ones to transport its oil to Syria and Turkey, and ADNOC Gas is going ahead with $8.2 billion in investments to boost gas production.
The LNG export terminal at Ruwais will more than double its export capacity to about 15 million tons a year.
If approved, this new project could be a major shift for how energy leaves the region.