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.
MWTC
Tickets start from Dh100 for adults and are now on sale at www.ticketmaster.ae and Virgin Megastores across the UAE. Three-day and travel packages are also available at 20 per cent discount.
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- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
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1. Christopher Froome (GBR/Sky) 68hr 18min 36sec,
2. Fabio Aru (ITA/AST) at 0:18.
3. Romain Bardet (FRA/ALM) 0:23.
4. Rigoberto Uran (COL/CAN) 0:29.
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Starring: Rose, Jisoo, Jennie, Lisa
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Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
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Director: Goran Hugo Olsson
Rating: 5/5
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test India won by innings and 53 runs at Colombo
- 3rd Test August 12-16 at Pallekele
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UAE currency: the story behind the money in your pockets
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
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BRIEF SCORES
England 353 and 313-8 dec
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South Africa 175 and 252
(T Bavuma 52; T Roland-Jones 5-57, J Anderson 3-25)
(D Elgar 136; M Ali 4-45, T Roland-Jones 3-72)
Result: England won by 239 runs
England lead four-match series 2-1
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Mohammed bin Zayed Majlis
Directed by Sam Mendes
Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
