Adnoc Gas, the integrated gas processing unit of Adnoc, plans to invest more than $13 billion until 2029 to pursue domestic and international growth opportunities as it aims to expand its liquefied natural gas (LNG) production capacity.
The company aims to more than double its LNG output capacity by 2028 through the strategic acquisition of the new Ruwais LNG plant from parent company Adnoc and potentially target assets in Europe, India, China and South-East Asia, Adnoc Gas said in a statement on Monday.
Adnoc Gas, which approved a dividend of $3.25 billion for the full year 2023, intends to “progressively” increase the dividend it pays shareholders by 5 per cent year-on-year over the next four years.
“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,” said Dr Sultan Al Jaber, the group managing director and chief executive of Adnoc.
“Between 2024 and 2029, we plan to invest over $13 billion in domestic and international growth opportunities … in addition, we are looking to increase our LNG export volumes in a growing global market,” said Dr Al Jaber, who is also the chairman of the Adnoc subsidiary.
LNG is produced when natural gas is cooled, which shrinks the volume of the gas, making it easier and safer to store and transport over long distances.
State-run energy companies in the Middle East are betting big on the commodity, seen as a low-carbon alternative to crude oil and coal.
Emerging economies in Asia are aiming to increase the share of natural gas to reduce dependency on highly polluting coal amid an expected surge in power demand.
Meanwhile, Europe is seeking to replace Russian gas supplies with LNG shipments from the US and the Middle East.
Last month, Adnoc signed a 15-year agreement with a subsidiary of the German energy company Sefe (Securing Energy for Europe) for the delivery of one million metric tonnes per annum (mmtpa) of LNG.
The LNG will primarily be sourced from the Ruwais LNG plant, which is currently under development in Al Ruwais Industrial City. Adnoc plans to take a final investment decision on the 9.6-mmtpa project this year.
In January, Adnoc Gas signed a 10-year agreement to supply 500,000 tonnes per annum of LNG to Gail India.
The company, which has access to 95 per cent of the UAE's natural gas reserves, signed LNG export agreements worth up to $12 billion in 2023.
Last year, it also awarded contracts worth $4.9 billion to expand its processing capacity.
“In 2024, the company will focus on processing and delivering increased volumes of gas to its customers and enhancing its product mix to meet the growing global demand for lower-carbon solutions,” said Ahmed Alebri, chief executive of Adnoc Gas.
“Through two of its ongoing strategic projects, the company will continue to expand its natural gas pipeline network and develop infrastructure to boost gas supply for its petrochemicals growth in Ruwais."
Last year, Adnoc raised about Dh9.1 billion ($2.5 billion) from the sale of a 5 per cent stake in Adnoc Gas in one of the largest initial public offerings of 2023. Adnoc continues to own 90 per cent of the gas subsidiary.
Adnoc Gas reported a 24 per cent jump in its fourth-quarter profit as the company sold larger volumes of natural gas and other commodities amid higher prices.
The company’s net income rose to $1.35 billion in the three months that ended in December. Revenue rose to $6.3 billion in the fourth quarter from $5.89 billion in the same period a year earlier.
KILLING OF QASSEM SULEIMANI
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One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
Specs
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Range: 400km
Power: 134bhp
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Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
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The specs
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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MATCH INFO
Manchester United v Manchester City, Wednesday, 11pm (UAE)
Match is on BeIN Sports
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Killing of Qassem Suleimani
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
