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Adnoc Gas targets global expansion as profit rises 21%

Adnoc Gas's listing last year. Revenue rose 15 percent year on year to more than $6 billion Wam
Adnoc Gas's listing last year. Revenue rose 15 percent year on year to more than $6 billion

Adnoc Gas said its net profit rose 21 percent year on year to $1.2 billion, as the Abu Dhabi-listed energy provider invests in expanding its global operations.

Revenue rose 15 percent year on year to more than $6 billion, driven by a strong increase in demand in the UAE. Domestic sales volumes increased by 14 percent annually.

The higher earnings were fuelled by robust sales volumes and ongoing margin improvement in core domestic operations, CEO Dr Ahmed Alebri said. Adnoc Gas supplies 60 percent of gas in the UAE.

The company has made significant progress in its strategic growth projects, including signing additional LNG sales agreements, he added.

The planned expansion of oil production capacity by parent company Adnoc to five million barrels per day by 2027 will cause an increase in associated gas production.

Robust cash flow generation will allow the gas major to increase annual dividend by five percent to $3.4 billion this year.

In addition, the company plans to invest more than $13 billion in domestic and international growth opportunities between 2024 and 2028.

It is working on debottlenecking its LNG facility on Das Island to increase natural gas processing capacities. 

Adnoc Gas is also planning a new LNG facility in Ruwais, which will be commissioned in 2028.

Once completed, both projects will allow the company to double its capacity.

Adnoc Gas intends to acquire new positions in the gas value chain in Europe, India, China and South-East Asia.

The expansion will enhance the UAE’s presence in international LNG markets and generate an additional return that boosts its current business.

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