Skip to content Skip to Search
Skip navigation

Adnoc Gas to invest $13bn in domestic and international growth

Adnoc Gas growth Sultan Al Jaber Reuters/Toru Hanai
Sultan Al Jaber, chairman of Adnoc Gas, said the company was looking to increase liquefied natural gas exports
  • Revenues for 2023 of $22.7bn
  • Net income of $4.7bn
  • Full-year 2023 dividend of $3.25bn

Adnoc Gas plans to invest more than $13 billion in domestic and international growth opportunities over the next five years, chairman Sultan Al Jaber told the company’s annual general meeting on Monday.

Al Jaber said that the company was progressing with several “significant’ projects to accelerate its growth. Predictable margin business was expected to increase EBITDA by up to 40 percent by 2029, he said.

Adnoc Gas, a subsidiary of the state-owned Abu Dhabi National Oil Company, reported revenues of $22.7 billion and a net income of $4.7 billion in 2023, “setting the foundation for further growth in 2024 and beyond,” the company said.

Shareholders approved the board’s proposal for a full-year 2023 dividend of $3.25 billion.

Al Jaber said that the company was looking to increase its liquefied natural gas (LNG) export volumes “in a growing global market”.

Wood Mackenzie, a data and analytics business based in Edinburgh, has predicted that the Middle East will spend up to $120 billion by 2030 to boost its natural gas production.

Adnoc Gas awarded contracts totalling nearly $5 billion in 2023 to expand its processing capacity and increase the number of customers.

“These projects will provide additional sales volumes of up to 20 percent,” Al Jaber said.

“Our international sales momentum grew in 2023 with the signing of LNG export agreements worth up to $12 billion, securing our returns in the coming years and capitalising on the increasing global demand for LNG as a transition fuel,” he said.

Shell said in February that it expected global LNG demand to reach 625 to 685 million tons a year in 2040.

Adnoc announced last month that early engineering, procurement and construction work had started on its low-carbon LNG project in Al Ruwais City in Abu Dhabi, which Adnoc Gas plans to acquire.

The final investment decision is expected to be issued this year.

Ruwais LNG will increase the emirate’s capacity from 5.7 million tonnes per year to 15 million.

Adnoc Gas will continue expanding its natural gas pipeline network and developing infrastructure to boost gas supply for its petrochemicals growth in Ruwais.

Ahmed Alebri, the chief executive of Adnoc Gas, said that the company aims to expand internationally by acquiring new positions in the gas value chain, targeting opportunities in Europe, India, China and Southeast Asia “if they add value to our business”.

Adnoc is in talks with the LNG exporter NextDecade, which has its headquarters in Texas, over a potential offtake from a proposed fourth processing unit at the $18 billion Rio Grande LNG export facility.

Adnoc Gas’s share price rose 30 percent from its listing date in March 2023 to the end of last year, lifting its market capitalisation to $65 billion, and making it one of the top 20 oil and gas companies worldwide.

Latest articles

Alstom's upgraded passenger transit system will help reduce emissions at King Abdulaziz International Airport

Alstom to upgrade driverless transit system at Jeddah airport

French train maker Alstom will upgrade the automated and driverless passenger transit system at King Abdulaziz International Airport, as the Jeddah airport aims to receive 114 million passengers by 2030. As part of the contract, Alstom will design, engineer, supply, integrate, test and commission a complete system upgrade of its Innovia automated people mover (APM) at the airport’s terminal […]

The Al Dhafra solar PV project. Ewec plans to increase Abu Dhabi’s solar production capacity to 7.6 GW by 2030

Abu Dhabi to generate 50% power from green sources by 2030 

Abu Dhabi plans to generate more than half of its electricity from renewable and clean energy by 2030, a senior Emirates Water and Electricity Company (Ewec) official has said. The state-owned entity is increasing the emirate’s solar energy production plan to 7.6 gigawatts (GW) by 2030, the UAE state-run Wam news agency reported, quoting CEO Othman Juma […]

Solar power panel

Cost of Xlinks Morocco-UK project balloons by a third

The cost of an ambitious project to deliver green energy from the south of Morocco to power homes in the UK has ballooned by more than a third to $30 billion. Xlinks First is behind the Morocco-UK renewables project, which would construct the world’s longest high-voltage direct current (HVDC) subsea power cable between the North […]

Waste To Energy Biogas plant with solar, battery station and E-car charging station

African renewables are ripe for investment, says Irena

Africa accounted for less than 1 percent of the new renewable energy sources added globally last year, and a conference in Abu Dhabi this week called on wealthy investors to help the continent achieve its targets. Amani Abu Zeid, commissioner for infrastructure and energy of the African Union Commission, told the International Renewable Energy Agency […]