ADNOC Gas reported a net income of $1.34 billion for the third quarter of 2023, reflecting a 101% increase compared to the $665 million income in the second quarter of the year. The company has also raised its net income forecast for 2026 to at least $4 billion. This success is attributed to strong performance in domestic gas, LNG, export liquids, and sulfur sectors.
Increase in Domestic Gas Sales and Quarterly Dividend
Domestic gas sales during this period increased by 20% compared to the second quarter, driven by steady demand. Additionally, ADNOC Gas has also increased its international product sales. The company has approved a quarterly dividend of $940 million, representing a 5% increase compared to last year.
Read more: Production of products exceeding Euro 5 standards at the Star Refinery of the Persian Gulf
Challenges and Development Projects
ADNOC Gas stated that market conditions have improved during this period, but ongoing disruptions in transportation through the Strait of Hormuz have kept the operational environment challenging. The company's outlook remains dependent on the maritime situation in the region. Significant progress has also been reported in key development projects. The company expects the full capacity of the damaged Habshan complex to be restored by the second quarter of 2027.
ADNOC Gas has also reported progress in its four main growth projects, supported by an investment of approximately $28 billion from 2026 to 2030. The company has initiated the third phase of the rich gas development project, which will add a natural gas liquids separation unit in Al Ruwais with a production capacity of over 8 million tons per year for export. In the Al Ruwais LNG project, two main cryogenic compressor sets have been installed. The MERAM ethylene recovery project has introduced its first gas, and the Stidma project has launched its first gas compression unit.
Read more: South Korea approves Hyundai LNG Shipping sale to Sinar Mas · ADNOC Gas reports fixed profit of $1.34 billion in the third quarter
