ADNOC establishes new gas processing, marketing company
State-owned ADNOC on January 10 announced the formation of ADNOC Gas, effective January 1. The new entity will undertake processing, operations and marketing of natural gas. It combines the operations, maintenance and marketing of the ADNOC Gas Processing and ADNOC LNG businesses into one consolidated business.
“As ADNOC grows its gas production and processing capacity, the combined scale and capabilities of ADNOC Gas will maximise value and create new opportunities for ADNOC, its partners and the UAE,” the company said. “As a leading global player with capacity of about 10bn ft3/day, ADNOC Gas will serve a wider range of domestic and international customers with an expanding portfolio of gas products.”
ADNOC said that natural gas is a lower-carbon fuel and will play a vital role in a responsible energy transition. Demand for natural gas is expected to increase steadily over the coming decades with global gas demand driven by industrial and manufacturing growth and the replacement of more carbon intensive fuels, such as coal, in international markets, it added.
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“For our customers, ADNOC Gas will continue to be a reliable provider of LNG, LPG and associated products,” ADNOC Group CEO Sultan Ahmed Al Jaber said.
Ahmed Mohamed Alebri has been appointed as acting CEO of ADNOC Gas, Peter Van Driel as CFO, and Mohamed Al Hashemi as COO. Alebri is the former acting CEO of ADNOC Gas Processing while Van Driel is a 28-year veteran of Shell. Al Hashemi is the former SVP of production planning & transmission at ADNOC Gas Processing.
ADNOC said that the consolidated ADNOC Gas business is expected to unlock “significant” financial and operational opportunities. ADNOC Gas will operate eight processing sites both onshore and offshore with a pipeline network of over 3,250 km.
As announced in November 2022, ADNOC intends to proceed with an initial public offering (IPO) of a minority stake in ADNOC Gas on the Abu Dhabi Securities Exchange (ADX) during the course of 2023.
Existing joint venture partners to ADNOC LNG (Mitsui & Co, BP and TotalEnergies) and ADNOC Gas Processing (Shell, TotalEnergies and PTTEP) will continue in their respective JV partnerships with ADNOC Gas.