«Adnoc Gas» company reported that the «Sustainability» project, currently being implemented, will contribute to supplying natural gas to all emirates of the country through a network of pipelines and lines that start from Abu Dhabi and extend towards the other emirates. The connection process is expected to be completed next year.
During a virtual press briefing held the day before yesterday, the company's CEO, Fatima Al-Naimi, stated that 20 billion dollars (73.4 billion dirhams) has been allocated as investments within the announced five-year plan. She noted that the company is focusing on the local market, which offers significant growth opportunities and an increasing demand for gas, driven by industrial expansion and rising economic activity.
Al-Naimi highlighted that «Adnoc Gas» currently covers 60% of the local market share across the UAE and plays a strategic role in meeting the country's natural gas needs to support the energy and industrial sectors.
She added that the capital expenditures of «Adnoc Gas» reached approximately 827 million dollars (about three billion dollars) in the third quarter of this year, marking a strong year-on-year increase of 64%. The company confirmed that it continues to invest throughout the market cycle to achieve its ambitious goal of increasing profit before interest, taxes, depreciation, and amortization (EBITDA) by 40% by 2029.
The CEO also mentioned that the 20-billion-dollar capital expenditure program, which runs until 2029, is proceeding as per the scheduled timeline, aiming to increase gas and liquids processing capacity by 30%. Currently, several strategic projects are being implemented, including the second phase of the «Integrated Gas Development Project», the «Rich Gas Development Project», the «Meram» project to accelerate ethane recovery and liquefaction, and the «Ruwais» Liquefied Natural Gas project.
She explained that these projects aim to increase gas and gas liquids production by 30% during the period (2023-2029), with the company targeting an increase in adjusted EBITDA of over 40% during the same period.
During the briefing, the CEO of «Adnoc Gas» also highlighted the key outcomes of the «Adnoc» board of directors' meeting held on Monday at the «Habshan» complex and the role of «Adnoc Gas». She also emphasized the importance of the agreement signed between «Adnoc Gas» and «Emsteel», which ensures stable and reliable supplies of low-emission natural gas to support «Emsteel's» operations and enhance its future growth.
