Adnoc Gas announces $13bn investment plan

Adnoc Gas, a subsidiary of the state-owned Abu Dhabi National Oil Company (Adnoc), on April 1 unveiled its plan to invest $13bn in domestic and international growth opportunities over the next five years.

“Between 2024 and 2029, we plan to invest over $13bn in domestic and international growth opportunities, with our predictable margin business expected to increase our EBITDA by up to 40% by 2029,” Ahmed Al Jaber, chairman of Adnoc Gas, said.

“In addition, we are looking to increase our LNG export volumes in a growing global market. Our aim is to acquire the new Ruwais LNG plant and more than double our LNG production capacity by 2028,” he added.

In 2023, Adnoc Gas awarded contracts worth $4.9bn to expand its processing capacity, with these projects expected to provide additional sales volumes of up to 20%. Moreover, the company signed LNG export agreements worth up to $12bn last year.

The company is developing the Al Ruwais LNG project at Al Ruwais Industrial City. Upon completion, the project will feature two LNG liquefaction trains with a capacity of 4.8mn tonnes/year each, totaling 9.6mn tonnes/year. This expansion is expected to more than double Adnoc's LNG production capacity, increasing it from 6mn tonnes/year to approximately 15mn tonnes/year.

In 2023, Adnoc Gas achieved significant financial performance, booking revenues of $22.7 billion and a net income of $4.7 billion.

Adnoc had in January 2023 announced the formation of Adnoc Gas. It was listed on the Adu Dabhi stock exchange in March. The new entity undertakes processing, operations and marketing of natural gas. It combines the operations, maintenance and marketing of the Adnoc Gas Processing and Adnoc LNG businesses into one consolidated business.