ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

Baker Hughes Announces Milestone Electric-LNG Award for ADNOC Ruwais LNG Export Terminal

  • Baker Hughes to supply two all-electric liquefaction train systems, including BRUSH electric motors and state-of-the-art compression technology
  • ADNOC Ruwais will be one of the first electric-LNG projects in the Middle East, with the two liquefaction trains having an expected capacity of 9.6 million tonnes per annum (MTPA)
  • Award follows continued global LNG momentum after record U.S. orders Baker Hughes has secured in 2023

ABU DHABI, United Arab Emirates, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, announced Wednesday it has received a letter of award by ADNOC Gas, for and on behalf of ADNOC, to provide two electric liquefaction systems (e-LNG) for the Ruwais LNG project in the United Arab Emirates. The award is expected to be booked in the fourth quarter of 2023 and was announced at this year’s ADIPEC, one of the largest energy industry events in the world.

The LNG trains will be driven by Baker Hughes’ 75 megawatt BRUSH electric motor technology and feature the company’s state-of-the-art compressor technology, making Ruwais LNG one of the first all-electric LNG projects in the Middle East. The overall production capacity of the trains is expected to be 9.6 million tons per annum.

Through the Ruwais LNG growth project, ADNOC intends to more than double its LNG production capacity to meet increased global demand for natural gas. The Ruwais plant, which is designed with electric-powered processing facilities, will run on clean power, making it one of the lowest carbon intensity LNG facilities in the world. 

“This award represents an important milestone for Baker Hughes in the LNG market and demonstrates the strength of our portfolio, which we strategically expanded through the BRUSH Power Generation acquisition in 2022,” said Ganesh Ramaswamy, executive vice president of Industrial & Energy Technology at Baker Hughes. “Over the next decade, electrification will play a critical role in the energy transition, enabling further reduction of the carbon emissions footprint of natural gas. We are incredibly honored that ADNOC Gas, for and on behalf of ADNOC, has chosen Baker Hughes as a trusted partner to support their vision to increase LNG production while further decarbonizing their operations.”

The award continues the positive demand momentum in 2023 for Baker Hughes’ gas technology equipment portfolio after securing several major LNG orders throughout the year. Baker Hughes acquired the Power Generation division of BRUSH group in 2022 to enhance its industrial electric machinery portfolio and support the company’s strategic commitment to provide lower carbon solutions. Since then, the company has secured several orders, including a contract from Wison in the first quarter of 2023 to supply four e-LNG compressor trains for an onshore LNG plant in sub-Saharan Africa.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Media Relations

Chiara Toniato
+39 3463823419
chiara.toniato@bakerhughes.com  

Investor Relations:

Chase Mulvehill
+1 281-809-9088
investor.relations@bakerhughes.com 


Primary Logo

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.