Company Insights Adnoc Oil & Gas Latest Adnoc DevelopmentsAI Insights Abu Dhabi National Oil Company (Adnoc) has formed an alliance between Borouge and Adnoc Logistics & Services, which aims to bolster petrochemical exports from the UAE over a span of 15 years. This partnership promises $531 million in revenue and anticipates significant cost savings. Adnoc Logistics & Services is tasked to transport a substantial portion of Borouge’s production, with potential for increased capacity following the Borouge 4 expansion1. Adnoc Gas has committed $5 billion for the initial stage of the Rich Gas Development project, aiming to expand the UAE's gas reserves. The initiative will boost processing capacity across several facilities, with plans underway for future expansions2. Borouge has reported robust growth with record production and increased profitability. The company plans to elevate its global presence through enhancements and strategic partnerships, aligning with the UAE's Operation 300 Billion strategy. Borouge is undertaking an ambitious expansion and intends to raise its annual dividend3. The investment arm XRG, launched by Adnoc, is undertaking a comprehensive strategy to enhance its position in the global energy market. XRG explores merger opportunities for gas and LNG, while Adnoc's merger with OMV to form a new polyolefin entity underpins these plans. XRG also explores low-carbon energy solutions4. Sofaz, Azerbaijan's state oil fund, has invested $50 million in Adnoc Gas Pipeline Assets. The investment seeks to diversify Sofaz's portfolio through UAE's energy infrastructure. Lunate manages the fund, widening exposure to vital gas pipeline resources5. Adnoc Overview Abu Dhabi National Oil Company – Adnoc – is the state-owned oil company of the United Arab Emirates. Founded in 1971, Adnoc is the world’s 12th largest oil company by production, producing around 4.85 million barrels capacity of oil each day from its Ruwais and Umm Al Nar refineries. It develops both onshore and offshore gas fields, with access to a total daily gas processing capacity of over 10 billion standard cubic feet. Adnoc operates across the energy value chain via a range of companies including Adnoc Drilling, Adnoc Distribution, Adnoc LNG and Adnoc Gas Processing and including exploration and production, processing and refining, and marketing and distribution. It received significant investments in 2019 from US asset managers BlackRock and KKR, Italian investment firm Eni and Singapore’s sovereign wealth fund GIC. In September 2020 Adnoc completed a $1 billion placement of shares for its fuel and convenience retailer Adnoc Distribution, the largest block placement of a publicly listed GCC company following its 2017 IPO. Adnoc still owns 80 percent of the company. This was followed by Adnoc Drilling going public on ADX in October 2021 and then Adnoc Trading, its gas processing and marketing company, being publicly listed on ADX in March 2023.Then in September 2024 Adnoc launched its first-ever bond sale, raising $4 billion through its wholly-owned primary debt capital market funding vehicle, Adnoc Murban. Adnoc aims to get to zero methane emissions by 2030 and net zero emissions by 2045 by investing in green energy and decarbonisation technologies. Adnoc News Oil & Gas Adnoc’s listed units tie up to propel petrochemical exports Abu Dhabi-listed Borouge and Adnoc Logistics & Services (Adnoc L&S) have entered a long-term partnership to increase the export of petrochemicals from the UAE. The contract, which will span 15 years, is expected to deliver a minimum guaranteed revenue of $531 million (AED2 billion), the companies stated in a joint announcement. The earnings will support […] June 11, 2025 Oil & Gas Adnoc Gas awards contracts to expand UAE gas reserves Adnoc Gas, a subsidiary of the state-backed Abu Dhabi National Oil Company (Adnoc), has awarded contracts worth $5 billion for the first phase of its Rich Gas Development (RGD) project. The RGD project is intended to boost liquid gas exports and support the UAE’s gas self-sufficiency. The contracts were awarded following a final investment decision […] June 11, 2025 Analysis Banking and Finance Why government-related debt is worth a punt Debt sales by government-related entities (GRE) in the Gulf, such as Saudi Electricity Co and Abu Dhabi’s Mubadala Investment Co, offer better investor value than their sovereigns, experts say. Gulf foreign currency sales of conventional and sukuk (sharia-compliant bonds) rose 9 percent to $72.4 billion in the five months to May 31, compared with the […] June 11, 2025 Petrochemicals Borouge prepares for era of ‘transformative’ growth UAE petrochemicals company Borouge is focusing on international expansion and long-term value creation as it gears up to become a next-generation global powerhouse. Borouge reported first-quarter net profit of $281 million and record production of 5.2 million tonnes at the end of April, driven by exceptional utilisation rates of 110 percent for polyethylene and 98 […] June 4, 2025 In association with Energy XRG’s new strategy targets global energy investments XRG, the low-carbon energy and chemicals investment arm of Abu Dhabi National Oil Company (Adnoc), has launched a five-year business strategy aimed at transforming it into a global energy investor. The company is valued at around $80 billion. It is aiming to be one of the top five global gas and liquefied natural gas (LNG) businesses, […] June 4, 2025 Exclusive Energy Masdar to increase bond issuances to fund renewables push Masdar, the UAE’s state-owned clean energy developer, is to increase its presence in international debt markets as it accelerates plans to install 100 gigawatts of renewable energy capacity by the end of the decade. Abu Dhabi’s Masdar raised $1 billion in a green bond sale last month, following previous issuances of $750 million in 2023 […] June 3, 2025 Oil & Gas Adnoc Drilling expands in Oman with SLB stake Adnoc Drilling, a subsidiary of Abu Dhabi state-backed oil major Adnoc, has bought a 70 percent share in SLB’s oil drilling business in Oman. The agreement includes six fully operational land rigs in Oman and two in Kuwait, the company said. The Emirati company will pay $91 million for the stake, with another $21 million payout […] June 2, 2025 Oil & Gas Azerbaijan’s oil fund buys stake in Adnoc gas pipeline Azerbaijan’s state oil fund Sofaz has invested $50 million in Adnoc Gas Pipeline Assets (AGPA), one of the UAE’s critical energy assets. The investment has been made through a specialised investment fund managed by Abu Dhabi-based Lunate, according to a press statement. The move will diversify the State Oil Fund of the Republic of Azerbaijan’s (Sofaz) portfolio […] June 2, 2025 Editor's Insight Energy Middle East has the keys to unlock carbon capture Humdrum issues such as modular construction and international standards will go a long way to encouraging more carbon capture and storage (CCS), according to delegates at Oman Sustainability Week in Muscat this month. Modular approaches should help cut costs on everything from maintenance to transport to engineering. International standards, meanwhile, on what constitutes low-carbon fuel […] May 30, 2025 Industry UK’s Wood wins contract for UAE’s first methanol facility UK-based engineering company Wood Group has been awarded a project management consultancy contract for the UAE’s first methanol production facility, the British company said in a statement. The contract was awarded by Ta’ziz, a joint venture between Abu Dhabi National Oil Company (Adnoc) and state-owned Abu Dhabi Developmental Holding Company (ADQ). Construction of the plant, in […] May 27, 2025 Posts navigation 1 2 … 50 Next
Oil & Gas Adnoc’s listed units tie up to propel petrochemical exports Abu Dhabi-listed Borouge and Adnoc Logistics & Services (Adnoc L&S) have entered a long-term partnership to increase the export of petrochemicals from the UAE. The contract, which will span 15 years, is expected to deliver a minimum guaranteed revenue of $531 million (AED2 billion), the companies stated in a joint announcement. The earnings will support […] June 11, 2025
Oil & Gas Adnoc Gas awards contracts to expand UAE gas reserves Adnoc Gas, a subsidiary of the state-backed Abu Dhabi National Oil Company (Adnoc), has awarded contracts worth $5 billion for the first phase of its Rich Gas Development (RGD) project. The RGD project is intended to boost liquid gas exports and support the UAE’s gas self-sufficiency. The contracts were awarded following a final investment decision […] June 11, 2025
Analysis Banking and Finance Why government-related debt is worth a punt Debt sales by government-related entities (GRE) in the Gulf, such as Saudi Electricity Co and Abu Dhabi’s Mubadala Investment Co, offer better investor value than their sovereigns, experts say. Gulf foreign currency sales of conventional and sukuk (sharia-compliant bonds) rose 9 percent to $72.4 billion in the five months to May 31, compared with the […] June 11, 2025
Petrochemicals Borouge prepares for era of ‘transformative’ growth UAE petrochemicals company Borouge is focusing on international expansion and long-term value creation as it gears up to become a next-generation global powerhouse. Borouge reported first-quarter net profit of $281 million and record production of 5.2 million tonnes at the end of April, driven by exceptional utilisation rates of 110 percent for polyethylene and 98 […] June 4, 2025 In association with
Energy XRG’s new strategy targets global energy investments XRG, the low-carbon energy and chemicals investment arm of Abu Dhabi National Oil Company (Adnoc), has launched a five-year business strategy aimed at transforming it into a global energy investor. The company is valued at around $80 billion. It is aiming to be one of the top five global gas and liquefied natural gas (LNG) businesses, […] June 4, 2025
Exclusive Energy Masdar to increase bond issuances to fund renewables push Masdar, the UAE’s state-owned clean energy developer, is to increase its presence in international debt markets as it accelerates plans to install 100 gigawatts of renewable energy capacity by the end of the decade. Abu Dhabi’s Masdar raised $1 billion in a green bond sale last month, following previous issuances of $750 million in 2023 […] June 3, 2025
Oil & Gas Adnoc Drilling expands in Oman with SLB stake Adnoc Drilling, a subsidiary of Abu Dhabi state-backed oil major Adnoc, has bought a 70 percent share in SLB’s oil drilling business in Oman. The agreement includes six fully operational land rigs in Oman and two in Kuwait, the company said. The Emirati company will pay $91 million for the stake, with another $21 million payout […] June 2, 2025
Oil & Gas Azerbaijan’s oil fund buys stake in Adnoc gas pipeline Azerbaijan’s state oil fund Sofaz has invested $50 million in Adnoc Gas Pipeline Assets (AGPA), one of the UAE’s critical energy assets. The investment has been made through a specialised investment fund managed by Abu Dhabi-based Lunate, according to a press statement. The move will diversify the State Oil Fund of the Republic of Azerbaijan’s (Sofaz) portfolio […] June 2, 2025
Editor's Insight Energy Middle East has the keys to unlock carbon capture Humdrum issues such as modular construction and international standards will go a long way to encouraging more carbon capture and storage (CCS), according to delegates at Oman Sustainability Week in Muscat this month. Modular approaches should help cut costs on everything from maintenance to transport to engineering. International standards, meanwhile, on what constitutes low-carbon fuel […] May 30, 2025
Industry UK’s Wood wins contract for UAE’s first methanol facility UK-based engineering company Wood Group has been awarded a project management consultancy contract for the UAE’s first methanol production facility, the British company said in a statement. The contract was awarded by Ta’ziz, a joint venture between Abu Dhabi National Oil Company (Adnoc) and state-owned Abu Dhabi Developmental Holding Company (ADQ). Construction of the plant, in […] May 27, 2025
