ADNOC Gas, a unit of Abu Dhabi National Oil Company (ADNOC), has announced plans to invest $13bn (Dh47.74bn) in domestic and international growth opportunities over the next five years.  

This move is aimed at bolstering the company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) by 40% by the year 2029.  

During that period, ADNOC Gas will also focus on expanding LNG export volumes and acquiring the new Ruwais LNG plant to more than double LNG production capacity by 2028. 

Last year, the company awarded contracts worth $4.9bn, with a focus on decarbonisation, digital transformation and AI-driven technological innovation.  

ADNOC Gas CEO Ahmed Alebri said: “We aim to expand internationally by acquiring new positions in the gas value chain, targeting opportunities in Europe, India, China and South East Asia if they add value to our business.” 

The announcement was made during the first annual general meeting (AGM) since ADNOC Gas’ initial public offering in March 2023

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In the fiscal year 2023, ADNOC Gas reported revenues of $22.7bn and a net income of $4.7bn.  

During the AGM, chaired by Sultan Ahmed Al Jaber, shareholders approved a full-year 2023 dividend of $3.25bn. 

Looking ahead to 2024, ADNOC Gas is set to prioritise processing and delivering increased gas volumes to customers and enhancing its product mix.  

Separately, Reuters, citing citing traders, analysts and shipping data, reported a decrease in exports of Upper Zakum crude from the United Arab Emirates in March.  

This follows ADNOC’s decision to divert more supply to its own Ruwais refinery and increase shipments of its lighter Murban oil, resulting in a tightened medium-sour crude supply in Asia.  

According to traders, ADNOC began shipping Upper Zakum crude to its refinery in September, with volumes reaching between 200,000 and 300,000 barrels per day in February and March.