Skip to content Skip to Search
Skip navigation

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.

Latest articles

Investment app Sarwa had more than 180,000 registered users by the first quarter of 2023

Investment app Sarwa fined by Dubai and Abu Dhabi regulators

Investment platform Sarwa Digital Wealth has been fined AED1,151,000 ($313,500) by regulators in Dubai and Abu Dhabi for offering shares and securities without an approved prospectus. The Dubai Financial Services Authority (DFSA) said on Tuesday that it had imposed a penalty of AED701,815 on the fintech.  On the same day, the Financial Services Regulatory Authority […]

UK Prime Minister Rishi Sunak said the pledge ' sets a precedent for global standards on AI safety'

UAE joins AI safety pledge at UK-South Korea summit

Two artificial intelligence companies from the UAE have signed up to a new AI safety pledge and have committed to safe development of the technology. Abu Dhabi’s Technology Innovation Institute and G42 are among 16 names on the safety pledge that also includes Amazon, Google, IBM, Meta, Microsoft, OpenAI and Samsung. The announcement was made […]

Turkey FAB Yapi Kredi

First Abu Dhabi Bank targets Turkish lender

One of Turkey’s largest corporations has confirmed it is in talks with First Abu Dhabi Bank (FAB) over the sale of a majority holding in the Istanbul-headquartered lender Yapı Kredi, the country’s fourth largest private bank in terms of assets.  A report by Reuters on May 21 said sources told it FAB was offering around […]

Dhahran is home to the King Abdulaziz Center for World Culture. Retal will build almost 2,000 homes in the city

Retal wins $770m contract to build in Dhahran

The Saudi builder Retal has signed a SAR2.9 billion ($770 million) contract to design and build nearly 2,000 residential units in Dhahran, Eastern Province, for the giga-project developer Roshn.  Retal “will develop and design the detailed master plan, design and execute the infrastructure, landscape, construct 1,962 residential units and public amenities building in Aldanah project,” […]