Abu Dhabi’s ADNOC Gas plans to invest over $13 billion in domestic and international growth opportunities over the next five years, according to a filing with the Abu Dhabi Stock Exchange (ADX), where its shares are listed.
The company’s predictable margin business is expected to boost EBITDA by up to 40%.
ADNOC Gas said its investments, including $4.9 billion in contracts awarded in 2023, are expected to drive the company’s future growth, with a focus on decarbonisation, digital transformation, and AI-driven technological innovation.
ADNOC Gas held its first Annual General Meeting (AGM) since its landmark initial
public offering (IPO) in March 2023.
During the AGM, the company’s shareholders approved the Board of Directors’ proposal to distribute a robust full-year 2023 dividend of $3.25 billion. An inaugural interim cash dividend of $1.625 billion was paid in December 2023, with a further $1.625 billion scheduled for distribution in the second quarter of 2024.
“Between 2024 and 2029, we plan to invest over $13 billion in domestic and international growth opportunities, with our predictable margin business expected to increase our EBITDA by up to 40% by 2029,” said Dr. Sultan Ahmed Al Jaber, Chairman of ADNOC Gas.
Al Jaber highlighted ADNOC’s interest in increasing LNG export volumes, with the acquisition of the new Ruwais LNG plant. This would allow the company to “more than double our LNG production capacity by 2028,” the Chairman said.
ADNOC Gas reported a net income of $4.7 billion in 2023, exceeding market expectations, including revenues of f $22.7 billion. The company commenced the trading of its shares on ADX in March, following the successful completion of the largest-ever initial public offering (IPO) on the ADX and the largest IPO globally to date this year. The IPO raised gross proceeds of approximately $2.5 billion.
ADNOC Gas’ parent company, ADNOC, has announced a planned expansion of oil production capacity to five million barrels per day by 2027. ADNOC has also announced its intention to take a final investment decision (FID) on the Ruwais LNG project in 2024.
In January, ADNOC Gas won a 10-year contract to supply 0.5 million metric tons per annum (mmtpa) of LNG to GAIL India Limited, India’s leading natural gas company.
