Mitsui & Co. To Buy 10% Stake In $5.5 Bil. UAE Natural Gas Project

The natural gas liquefaction project is led by Abu Dhabi National Oil Co., which will maintain a 60 percent stake, with international oil majors BP Plc, Shell Plc and TotalEnergies SE respectively acquiring 10 percent stakes.

Demand for LNG is on the rise globally as it produces less carbon dioxide than coal and oil when burned.

The joint project will mark the Japanese company’s first investment in a LNG project in five years.

The trading house took part in the Arctic LNG 2 project in Russia in 2019, but the company has not been able to start procurement of LNG due to the U.S. sanctions on Russia over its war in Ukraine.

© KYODO

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Benjamin Wallace-Wells

Benjamin Wallace-Wells is a staff writer at the The New Yorker since 2006. He worked for New York magazine, the Times Magazine, and Rolling Stone.

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