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LNG: Adnoc’s Ruwais LNG Offtake Deals Discussed at 12.6% Slope to Crude

LNG

Preliminary LNG offtake agreements for Adnoc’s Ruwais LNG project are currently being negotiated at a price of around 12.6% slope to crude oil, according to S&P Global Commodity Insights sources. 

  • Heads of agreements with Shell, Mitsui and Osaka Gas have not yet been convert in formal SPAs.
  • Buyers have been seeking lower prices amid anticipation of increase LNG supply and suppliers are aiming to secure early deals for project financing before any further declines in the long-term contracting market.
  • The 12.6% oil slope is slightly higher than recent pricing in the early to mid 12% which were likely based on deals and pricing concluded at least six months ago.
  • The slope also includes a price premium to accounts for buyer optionality for a range of terms and conditions covering cargo quantity, quality specifications, delivery window and delivery locations.
  • The 12.6% slope level is lower than the approximate 12.8% slope discussed for two previous HoAs for offtake with EnBW and SEFE.
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