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ADNOC Gas aiming to double LNG production

ADNOC Gas recorded robust financial and operational results in 2023. (Image source: Adobe Stock)


In its annual general meeting, chaired by Sultan Ahmed Al Jaber, ADNOC Gas plc announced the company's domestic and international growth plans worth US$13bn 

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

Al Jaber further said, "ADNOC Gas recorded robust financial and operational results in 2023, has delivered on its dividend promise to shareholders, and is progressing several significant projects that will accelerate its future growth. The Company saw its share price surge 30% from its listing date in March 2023 to year-end, driving its market capitalisation to $65 billion and ranking us among the Top 20 Oil & Gas companies worldwide. Total shareholder returns, including the annual dividend, reached 35% in 2023. These exceptional achievements in a volatile gas market underscore our ability to deliver robust financial performance and growth throughout the commodity cycle.

"In 2023, we made substantial investments to advance our growth strategy, awarding contracts worth US$4.9bn to expand our processing capacity and reach more customers. These projects will provide additional sales volumes of up to 20%. Our international sales momentum grew in 2023 with the signing of liquefied natural gas (LNG) export agreements worth up to $12 billion, securing our returns in the coming years and capitalising on the increasing global demand for LNG as a transition fuel."