According to insiders, four international companies have agreed to invest in ADNOC's next liquefied natural gas export project in Abu Dhabi, UAE.

Insiders said that Royal Dutch Shell, TotalEnergies, BP and Mitsui & Co., Ltd. will each hold 10% stake in the Ruwais liquefied natural gas plant. Insiders said the agreement could be signed as early as next week.

Representatives of ADNOC, Shell and TotalEnergies declined to comment. BP did not respond to requests for comment and a spokesman for Mitsui & Co. said no decision had been made.

Although many countries are planning to shift to more eco-friendly alternative energy sources, energy giants are betting on the long-term demand for natural gas. Although fuel prices have fallen from their peak two years ago, they remain high, which increases the attractiveness of new supply projects.

The UAE currently has only 5.8 million tons of liquefied natural gas export capacity, making it the smallest producer in the Middle East. The Ruwais plant has an annual production capacity of 9.6 million tons, which will make it the second largest producer in the Middle East, second only to Qatar.

ADNOC decided to continue the Ruwais project and signed a $5.5 billion construction contract before receiving investments from the four international companies. Three companies - Mitsui & Co., BP and TotalEnergies - are also partners in the only existing liquefied natural gas export plant in Das Island, Abu Dhabi.

The project is part of the UAE's efforts to promote the global liquefied natural gas market at home and abroad. ADNOC recently signed agreements to invest in similar projects in the United States and Mozambique. Natural gas is one of the key areas that ADNOC has decided to focus on, and it is part of its trade frenzy.

"We have made it clear that we are interested in key areas such as low-carbon solutions, renewable energy, natural gas and chemicals," said Musabbeh Al Kaabi, Executive Director of International Growth at ADNOC in an interview in May.