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Adnoc Gas Q4 2023 profit rises 24%

Adnoc Gas sustained strong sales momentum in 2023, signing new LNG supply agreements valued at between $9bn and $12bn Reuters
Once completed, the Ruwais project is set to be the first LNG export facility in the Mena region to run on clean power

Adnoc Gas, a division of state-owned Abu Dhabi National Oil Company (Adnoc), said net profit increased 24 percent year on year to $1.3 billion for the fourth quarter of 2023.

Revenue for the three months ended December 31, 2023, rose seven percent to $6.3 billion, as processed volumes grew to 912 trillion British thermal units, the company said in a statement published on the Abu Dhabi stock exchange on Monday.

Net profit for 2023 fell two percent annually to $4.7 billion. However, revenue declined 12 percent year on year to $22.7 billion.

 “Adnoc Gas delivered a strong set of results in 2023, overcoming a challenging market environment in the first half of the year,” said CEO Ahmed Alebri.

In 2023, the company awarded engineering, procurement, and construction contracts worth $4.9 billion, paving the way for significant capacity expansion, he added.

The company said in November it would make a final investment decision on building its second LNG terminal in Al Ruwais Industrial City, Abu Dhabi, as part of its broader gas masterplan.

The project is set to be the first low-carbon LNG export facility in the Middle East and North Africa region to run on clean power.

When completed, it will have a total capacity of 9.6 million tonnes per annum, which will more than double Adnoc’s LNG production capacity and help meet increased global demand for natural gas.

Adnoc Gas sustained strong sales momentum last year, signing new LNG supply agreements valued between $9 billion and $12 billion with Japan Petroleum Exploration Company, TotalEnergies Gas and Power, Indian Oil Corporation and PetroChina International.

Adnoc’s gas unit will pay a dividend of $3.3 billion, with the first interim cash dividend of $1.7 billion paid in December 2023 and a further $1.6 billion to be distributed in the second quarter of 2024.

The company expects annual dividend growth of five percent per share over the next four years.

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