Four leading international companies—Shell, TotalEnergies (NYSE:TTE), BP (NYSE:BP), and Mitsui & Co.—are set to acquire a 10% stake each in Abu Dhabi National Oil Company’s (Adnoc) upcoming Ruwais LNG export project.

This information comes from sources who chose to remain anonymous, as the details of the deal have not yet been made public.

Formal agreements are expected to be signed as early as next week.

While representatives from Adnoc, Shell (NYSE:SHEL), and TotalEnergies have declined to comment on the matter, and BP has not responded to requests for comment, a spokesperson for Mitsui stated that no decision has been finalized.

This strategic investment indicates a strong belief in the sustained demand for natural gas, despite global shifts towards greener energy sources.

The investment comes at a time when fuel prices, although lower than their peak two years ago, are still relatively high, which enhances the attractiveness of new LNG projects.

The UAE currently possesses a modest LNG export capacity of 5.8 million tons, the smallest among the region's producers.

However, the new Ruwais facility, with a projected capacity of 9.6 million tons per year, will position the UAE as the second-largest LNG exporter in the Middle East, following Qatar.