MOSCOW, December 18. /TASS/. Russian oil producer Lukoil withdrew from the Ghasha concession in the UAE in November 2025, Reuters said, citing a spokesperson of the Abu Dhabi National Oil Company (ADNOC).
The Russian company transferred its 10% participation interest to ADNOC, the spokesperson said. ADNOC has now the 80% stake in the project, Bloomberg reported.
ADNOC informed on Thursday that it attracted project financing up to $11 bln from more than twenty banks to tap gas reserves of the concession. Natural gas production in the project is expected to reach up to 1.8 bln cubic feet per day. The company announced earlier the creation of a specialized unit to manage the Ghasha concession.
Lukoil acquired 5% in the project as early as in 2019. It became known in 2025 that the Russian company bought 5% more there.