The energy firm is expanding processing capacity at home by taking control of a coastal LNG plant from ADNOC Group
The company’s revenues for the quarter reached $6.8bn, up 13 per cent YoY, marking the third consecutive quarter with revenues exceeding $6bn
The project will extend ADNOC Gas’ natural gas pipeline network in the UAE by about 300 kilometres
With global LNG demand expected to grow 50 per cent by 2030, ADNOC is tapping opportunities around the world including with US players
The company’s board proposed a final cash dividend of 2.0 fils per share (approximately Dhs2.2bn), including a variable dividend of 0.7 fils
For FY2023, ADNOC Gas’ robust performance continued, with net income reaching $4.72bn, significantly exceeding market expectations
The energy firm maintained a strong sales momentum in 2023, signing LNG deals valued between $9.4bn and $12bn
The company’s board of directors declared a third interim cash dividend for the year of 0.65 fils per share (approximately Dhs731m)
Natural gas continues to play a crucial role as a transitional fuel with lower carbon emissions compared to other fossil fuels
The engineering, procurement and construction contract was awarded to Petrofac Emirates
The deal follows several significant international LNG sales agreements, including India Oil Corporation
The LNG supply deal is valued at between $450m to $550m and builds on the bilateral relationship between the UAE and Japan
The project seeks to increase ethane extraction from the company’s existing onshore facilities in the Habshan complex
Brent crude oil prices, which are used for gas pricing, decreased by nearly 31 per cent during the period under review
The landmark LNG deal was signed during Prime Minister Narendra Modi’s official visit to the UAE last week
The pipeline extension will drive further growth as part of the company’s strategy to increase its market share and enhance its customer base
The new gas compressor plant is expected to substantially increase ADNOC’s gas output from the Habshan Complex
The net income for the quarter ended March 31 included a one-time tax benefit of $300m following its formation earlier this year
The location’s proximity to ADNOC’s current operations and its future growth projects were all important factors in the decision
The three-year contract is expected to commence in 2023 and will run through 2025
The company’s unaudited combined pro forma results follow its record IPO earlier in March
The IPO is the largest ever in Abu Dhabi and the largest globally, year to date, as the emirate is expecting eight more listings
The company increased the number of ordinary shares offered in the IPO to 3.8 billion on Monday, implying market capitalisation of Dhs182bn
More than three billion shares will be offered in the IPO