ADNOC Gas reports 21% increase in Q2 net income
ADNOC Gas, a unit of the UAE’s ADNOC, reported a net income of $1.19bn for the second quarter on August 12, marking a 21% year/year increase.
Revenue for Q2 reached $6.07bn, a 13% rise compared with the same period last year. The company attributed this growth to increased population and industrial expansion within the UAE, which has bolstered sales in its domestic gas business. ADNOC Gas currently meets over 60% of the UAE’s gas demand.
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In June, ADNOC announced a final investment decision on the Ruwais LNG project. The following month, it welcomed Mitsui & Co, Shell, BP, and TotalEnergies as equity partners, each acquiring a 10% stake in the project.
ADNOC Gas was formed in January 2023, consolidating the operations, maintenance, and marketing of ADNOC Gas Processing and ADNOC LNG into a single entity. The new entity is responsible for the processing, operations, and marketing of natural gas.