Adnoc Gas, the integrated gas processing unit of Adnoc, has awarded $1.34 billion in contracts to expand its pipeline network.
Agreements have been signed with Petrofac Emirates and a consortium made up of the National Petroleum Construction Company and CAT International, Adnoc Gas said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
The deal includes the construction of a gas compression plant in Habshan, as well as new pipelines that would extend the company’s existing network to about 3,500 kilometres from its current 3,200 kilometres.
The pipeline expansion, which is expected to allow the movement of higher volumes of gas to customers in the Northern Emirates, will drive “further growth” for Adnoc Gas and support the company’s strategy to boost its market share, the company said.
“Our strategic network expansion will bring the advantages of lower-cost, sustainable and cleaner gas to more locations across the UAE by enhancing industrial access to natural gas, a cost-competitive and less carbon-intensive fuel,” said Ahmed Alebri, chief executive of Adnoc Gas.
“The expanded pipeline will drive further growth for Adnoc Gas and our shareholders as we deliver on our mandate to achieve gas self-sufficiency for the UAE.”
More than 70 per cent of the total contract value for the pipeline is expected to flow back into the economy, Adnoc Gas said.
The company has access to 95 per cent of the UAE's natural gas reserves, estimated to be the seventh largest globally. It also supplies more than 60 per cent of the country's gas needs.
In March, Adnoc raised about Dh9.1 billion ($2.5 billion) from the sale of a 5 per cent stake in its gas business, making it the largest listing on the ADX and 2023's biggest initial public offering globally at the time.
The company sold more than 3.8 billion shares, with the IPO drawing strong demand from institutional and retail investors, and generating more than $124 billion in orders.
The listing surpassed that of Borouge, which went public in June 2022 and raised $2 billion.
Adnoc Gas reported a 9 per cent increase in its first-quarter net profit as it optimised costs and maintained robust margins despite a sharp slide in oil and gas prices.
Net income for the three months to the end of March rose to $1.3 billion, compared with a pro forma adjusted net profit of $1.2 billion recorded during the same period last year.
In May, Adnoc Gas signed a three-year supply agreement with TotalEnergies Gas and Power, a subsidiary of France’s TotalEnergies, for the export of liquefied natural gas (LNG) as demand for the fuel picks up amid a global energy crisis.
Global LNG trade reached a high of $450 billion in 2022 amid a surge in European demand as the region reduced its reliance on Russian gas imports, the International Energy Agency said in a February report.
RESULTS FOR STAGE 4
Stage 4 Dubai to Hatta, 197 km, Road race.
Overall leader Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Caleb Ewan AUS (Lotto - Soudal) 2. Matteo Moschetti ITA (Trek - Segafredo) 3. Primoz Roglic SLO (Team Jumbo - Visma)
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
THE DETAILS
Solo: A Star Wars Story
Director: Ron Howard
2/5
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Plan to boost public schools
A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.
It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.
Aspects of the school model will be extended to international private schools, the education minister has previously suggested.
Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
MATCH INFO
Uefa Champions League semi-final, second leg
Roma 4
Milner (15' OG), Dzeko (52'), Nainggolan (86', 90 4')
Liverpool 2
Mane (9'), Wijnaldum (25')
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Greatest Royal Rumble match listing
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Rusev
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v Kalisto
Dr Graham's three goals
Short term
Establish logistics and systems needed to globally deploy vaccines
Intermediate term
Build biomedical workforces in low- and middle-income nations
Long term
A prototype pathogen approach for pandemic preparedness
