Dear Customer: The Arab Lawyers Network apologizes for the temporary inconvenience related to the verification code via mobile and would like to inform you that the code will be sent via email. Please contact customer services for any further inquiries.

Press Dossier    By Date   02/04/2024 UAE’s ADNOC Gas eyes investing $13bn to accelerate domestic and international growth

Arab News, Tue, Apr 02, 2024 | Ramadan 23, 1445

​​UAE’s ADNOC Gas eyes investing $13bn to accelerate domestic and international growth

Emirates: UAE energy giant ADNOC Gas plans to invest $13 billion in domestic and international growth opportunities over the next five years, according to a statement. 

This will help the company increase its earnings before interest, taxes, depreciation, and amortization by 40 percent during this period. 

The company said that it made investments amounting to $4.9 billion in contracts last year, which is expected to drive the firm’s future growth, with a focus on decarbonization, digital transformation, and artificial intelligence-driven technological innovation. 

Sultan Ahmed Al-Jaber, the chairman of ADNOC Gas, said: “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 percent by 2029.” 

He added that the company plans to increase its liquefied natural gas export volumes in the coming years. 

“Our aim is to acquire the new Ruwais LNG plant and more than double our LNG production capacity by 2028,” he added. 

ADNOC Gas delivered strong financial results in 2023, reporting revenues of $22.7 billion and a net income of $4.7 billion. 

The statement noted that the company’s shareholders have approved the board’s proposal to distribute a full-year 2023 dividend of $3.25 billion. 

Additionally, 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. 

“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 Al-Jaber. 

The statement added that the company expects to increase dividends progressively by 5 percent annually over the next four years, underscoring the strength and visibility of its future revenues. 

“We aim to expand internationally by acquiring new positions in the gas value chain, targeting opportunities in Europe, India, China and South-East Asia if they add value to our business,” said Ahmed Mohamed Alebri, CEO of ADNOC Gas.

In January, a report released by the International Energy Agency said that global fuel demand is expected to increase by 2.5 percent year-on-year in 2024.

Page 1 Of 1