ADNOC Gas Net Profit Rises 11% in Q3; Plans Stake in Ruwais LNG

ADNOC Gas plc, a subsidiary of Abu Dhabi National Oil Company (ADNOC), recorded a net profit of $1.24 billion for Q3 2024, surpassing analysts' expectation of $1.19 billion. The company's revenue rose by 8% year-on-year, reaching $6.28 billion, driven by increased product prices despite a fall in domestic sales volumes. The firm also updated its 2024 capital expenditure guidance. A notable development is ADNOC Gas's plan to acquire ADNOC's 60% stake in the Ruwais LNG plant for approximately $5 billion in the latter half of 2028. This acquisition is part of ADNOC Gas's strategy to expand its LNG capacity from the current 6 mtpa to over 15 mtpa by 2028. Despite cancelling an expansion at the Das Island facility, ADNOC Gas remains committed to boosting production capacity significantly over the next five years.