MENA Oil & Gas: Fujairah LNG: Another Growth Leg?

Research evidence excerpt

MENA Oil & Gas: Fujairah LNG: Another Growth Leg?

Update

June 26, 2026 07:57 AM GMT

Morgan Stanley & Co. International plc+MMENA Oil & Gas | Europe Ricardo Rezende, CFA

Equity Analyst

Fujairah LNG: Another Growth Ricardo.Rezende@morganstanley.comGuilherme Levy +44 20 7677-9886

Guilherme.Levy@morganstanley.com +44 20 7425-6616

Leg? Sylvia C Richards

Research Associate

Sylvia.Richards@morganstanley.com +44 20 7677-3354

Key Takeaways Giulia Faro

Upstream reported that ADNOC is analysing the development of a 4mtpa LNG Giulia.Faro@morganstanley.com +44 20 7425-7581

plant in Fujairah. This represents ~0.6% of MSe global LNG supply by 2030.

EEMEA - Oil & Gas

If approved and transferred to ADNOC Gas post-completion, as with Ruwais, we Europe

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would see this as positive for the equity story, implying upside risk to volumes.

For European OFS, the project adds another long-cycle MENA opportunity;

Technip Energies already leads Ruwais LNG.

What happened? According to Upstream (link), ADNOC is analysing a new 4mtpa

LNG project in Fujairah. The article mentions bids for FEED work might be received

in coming days. Upstream also mentions that the Group could follow a similar

approach to the project being currently developed at Ruwais, transferring it to

ADNOC Gas upon completion.

Read-across for ADNOC Gas. Assuming the project is approved/developed and,

similar to Ruwais, transferred to ADNOC Gas upon completion, we believe it would

be positive for its equity story. The contracting profile (maturity, destinations, etc)

of the Ruwais plant indicate strong interest for UAE LNG. Our North American

colleagues see the global LNG market at a surplus in 2030 ( Exhibit 1 ), but timing

on this plant could push it to a later date.