BP and Adnoc launch new Egyptian JV

of experience in the energy sector, BP said.

Strengthening cooperation

“Arcius Energy brings together the strengths of our two companies to create a dynamic new platform for international growth in natural gas in the region,” Murray Auchincloss, chief executive of BP said.

BP and Adnoc, and now XRG, have worked together for over five decades.

The cooperation includes LNG as BP has a 10 percent stake in Adnoc LNG, the operator of the liquefaction and export terminal on Das Island in the Persian Gulf.

Also, BP confirmed its intent earlier this year to take a 10 percent interest in Adnoc’s planned Ruwais LNG project.

Egypt is an LNG exporter and hosts the Eni-led Damietta liquefaction plant and the Shell-led Egyptian LNG export terminal (ELNG) in Idku.

However, Egypt currently imports LNG via Hoegh Evi’s 170,000-cbm FSRU, Hoegh Galleon, which is located in Ain Sokhna.

Egypt’s EGAS also just signed a deal to charter deal with US LNG player NFE for the 160,000-cbm FSRU, Energos Eskimo.