RWE Signs MoU With ADNOC On LNG Supplies Into Germany, With MASDAR On Offshore Wind Projects

German utility RWE AG (RWEOY.PK) Monday said it has reached agreements with two companies from Abu Dhabi regarding Liquefied Natural Gas or LNG supplies into Germany, as well as on cooperation in offshore wind.

RWE shares were losing around 2 percent in the morning trading in Germany.

The company has signed a Memorandum of Understanding or MoU with Abu Dhabi National Oil Co. or ADNOC on multi-year LNG supplies. Further, MoU has been signed between RWE and MASDAR, Abu Dhabi's flagship renewable energy company, on jointly exploring the potential for offshore wind projects in key global markets.

ADNOC and RWE have signed a supply agreement on the first delivery of a cargo of LNG to be supplied to 'Elbehafen LNG' at Brunsbüttel, near Hamburg, Germany.

Elbehafen LNG will operate one of the two Floating Storage and Regasification Unit or FRSU, that RWE chartered on behalf of the German government. The company expects that the cargo will be shipped from Das Island, Abu Dhabi and arrive in Germany in late December 2022.

RWE noted that the cargo delivered by ADNOC will be for 137,000 cubic metres of LNG. It will be the first LNG to be supplied to the German gas market through the floating LNG import terminal at Brunsbüttel.

Furthermore, RWE and ADNOC have signed MoU on multi-year LNG supplies where cargoes will be delivered to Germany starting from 2023. LNG supplies from ADNOC can be delivered to Germany through either floating or land-based regasification terminals as these become operational.

RWE said its deal with MASDAR will focus on jointly exploring the potential to grow their portfolios in offshore wind in key global markets. Under the MoU, both companies will evaluate opportunities in a number of different countries.

In Germany, RWE shares were trading at 39.32 euros, down 2.07 percent.

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