The Nikkei reported that ADNOC would hold around 60% of the $7 billion project at Ruwais, while Mitsui would invest several tens of billions of yen for a 10% stake.

Other oil majors, including Shell, BP, and TotalEnergies, are also expected to invest.

Mitsui, ADNOC, BP, and Shell declined to comment, while TotalEnergies did not respond.

ADNOC, the Abu Dhabi National Oil Company, aims to expand its gas and LNG production as part of its growth strategy, which also includes renewable energy and petrochemicals.

The demand for natural gas surged in Europe as they sought alternatives to Russian gas following the invasion of Ukraine.

To meet this goal, ADNOC plans to develop the Ruwais LNG project, which will double its current LNG production capacity of 6 million metric tons per annum at Das Island.

The Ruwais plant will feature electric-powered processing facilities and run on renewable and nuclear energy, making it a low-carbon LNG facility.

ADNOC's Ruwais LNG project is set to have two trains with a capacity of 4.8 mtpa each upon completion.

In March, a limited notice to proceed was issued to a consortium led by Technip Energies for early engineering, procurement, and construction.

A final investment decision is anticipated this year.

Since last year, ADNOC has signed several LNG supply deals, including two for Ruwais project LNG, set to begin commercial operations in 2028.

ADNOC has also considered acquisitions of foreign companies to expand its gas portfolio.