UAE signs $1bn LNG deal with TotalEnergies

The United Arab Emirates’ ADNOC Gas announced on Monday a $1 billion deal to provide liquefied natural gas to France’s TotalEnergies as Europe scrambles to find alternatives to Russian energy sources. The liquefied natural gas provided under the three-year supply deal “will be delivered to various export markets around the world”, a company statement said. The agreement is valued at between $1bn and $1.2bn, the statement said, without elaborating on the quantities involved. The deal was signed with TotalEnergies Gas and Power Limited, a subsidiary of the French multinational. ADNOC Gas, which only became operational at the start of this year, is a subsidiary of state-owned energy giant Abu Dhabi National Oil Company (ADNOC). The UAE has emerged as a key partner for Western countries as they scramble to secure energy deals worldwide to replace imports from sanctions-hit Russia. In July, a deal between Total Energies and ADNOC was signed “for cooperation in the area of energy supplies” during a visit by UAE President Sheikh Mohamed bin Zayed Al-Nahyan to Paris.