Oil & Gas Adnoc Gas profit rises amid strong UAE economy By Pramod Kumar May 5, 2025, 9:48 AM Reuters/Toru Hanai Adnoc Gas revenue was up 1 percent year on year to over $6 billion following the signing of new supply agreements Adnoc Gas, a subsidiary of the Abu Dhabi National Oil Company (Adnoc), said profit rose in the first quarter of 2025, supported by continued demand for domestic gas amid strong economic growth in the UAE. The bottom line rose 7 percent year on year to $1.3 billion in the quarter ended March 2025, driven by a high sales volume and efficient management of the planned shutdown programmes, according to a statement. Additionally, the reduction in the number of shutdown days led to a rise in processed volumes. Revenue was up 1 percent year on year to over $6 billion following the signing of new supply agreements. The company signed a series of mid- to long-term LNG supply agreements valued at $9 billion with Indian Oil Corporation and Japan’s Jera Global Markets. Adnoc strikes another LNG deal with Chinese energy major Adnoc explores bid for US natural gas assets Adnoc Gas to supply LNG to Osaka Capital expenses rose by 43 percent during the quarter, with the company expecting to take a final investment decision on its rich gas development project this year. Following its free float increase by 4 percent to 9 percent, Adnoc Gas expects a potential inclusion in the MSCI and FTSE indices as early as June and September, respectively, the statement said. Adnoc gas listed on the Abu Dhabi Securities Exchange in March 2023. It’s share price is AED 3.17, which is down around 10 percent since the start of the year. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
