ADNOC Gas to Invest $13 Billion in Domestic and International Growth Opportunities
In a bold move, UAE energy giant ADNOC Gas has announced plans to invest a whopping $13 billion in both domestic and international growth opportunities over the next five years. This strategic decision is expected to skyrocket the company’s earnings before interest, taxes, depreciation, and amortization by a staggering 40 percent during this period.
Focus on Decarbonization, Digital Transformation, and Technological Innovation
The company revealed that it invested $4.9 billion in contracts last year, laying the foundation for its future growth. ADNOC Gas is placing a strong emphasis on decarbonization, digital transformation, and artificial intelligence-driven technological innovation to stay ahead of the curve in the ever-evolving energy sector.
Robust Financial Results and Dividend Payouts
In 2023, ADNOC Gas reported revenues of $22.7 billion and a net income of $4.7 billion, showcasing its financial prowess. The company’s shareholders have given the green light to distribute a full-year 2023 dividend of $3.25 billion, with an additional $1.625 billion interim cash dividend already paid in December 2023.
Strategic Plans for LNG Production and International Expansion
Chairman Sultan Ahmed Al-Jaber shared the company’s vision to increase liquefied natural gas export volumes and double its LNG production capacity by 2028. ADNOC Gas is eyeing the acquisition of the new Ruwais LNG plant as a pivotal step towards achieving this ambitious goal.
Future Growth Prospects and Dividend Increase
ADNOC Gas is not resting on its laurels, with plans to progressively increase dividends by 5 percent annually over the next four years. CEO Ahmed Mohamed Alebri emphasized the company’s focus on expanding internationally and targeting strategic opportunities in Europe, India, China, and South-East Asia to bolster its position in the gas value chain.
Global Fuel Demand Outlook
The International Energy Agency’s report predicting a 2.5 percent year-on-year increase in global fuel demand for 2024 further underscores the importance of ADNOC Gas’ forward-thinking investment strategy in securing its future growth and success in the energy market.