Adnoc Gas, the integrated gas processing unit of Adnoc, has awarded $1.34 billion in contracts to expand its pipeline network. The agreements have been signed with Petrofac Emirates and a consortium made up of the National Petroleum Construction Company and CAT International.
The deal includes the construction of a gas compression plant in Habshan and the development of new pipelines to extend the company’s existing network. This expansion will add approximately 300 kilometers to the current 3,200 kilometers, enabling the movement of higher volumes of gas to customers in the Northern Emirates.
Adnoc Gas stated that this pipeline expansion will drive “further growth” for the company and support its strategy to increase market share. Ahmed Alebri, the Chief Executive of Adnoc Gas, emphasized that the expanded pipeline will bring the advantages of lower-cost, sustainable, and cleaner gas to more locations across the UAE, enhancing industrial access to natural gas.
Adnoc Gas, with its recent pipeline expansion, is set to contribute to the growth and development of the energy sector in the UAE. The company’s access to 95% of the UAE’s natural gas reserves and its position as a major supplier of the country’s gas needs highlight its significance in the industry.
In March, Adnoc Gas conducted a highly successful initial public offering (IPO), raising approximately Dh9.1 billion ($2.5 billion) by selling a 5% stake in its gas business. This IPO marked the largest listing on the ADX and the biggest global IPO of 2023 at that time, underscoring investor confidence in the company’s prospects.
Adnoc Gas reported a 9% increase in net profit for the first quarter of the year, showcasing its ability to optimize costs and maintain robust margins despite fluctuations in oil and gas prices. The company’s consistent performance positions it as a reliable partner and a key player in the energy market.
In May, Adnoc Gas signed a three-year supply agreement with TotalEnergies Gas and Power, further solidifying its role in the global energy landscape. This partnership with TotalEnergies will support the export of liquefied natural gas (LNG) as global demand for the fuel continues to rise amidst the ongoing energy crisis.
Adnoc Gas’s recent achievements and ongoing projects reinforce its position as a leading force in the gas industry, driving innovation, growth, and sustainability in the UAE’s energy sector.
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