ADNOC Gas approved new investments to expand its processing capacity while posting a net profit of $665 million during the second quarter of 2026.
ADNOC Gas awards $8.2 billion in new contracts
ADNOC Gas is moving forward with one of its largest investments earmarked for natural gas processing in the United Arab Emirates the company made the final investment decisions for phases 2 and 3 of its Rich Gas Development (RGD) project and awarded EPC contracts totaling $8.2 billion.
Of this amount, $3.9 billion corresponds to phase 2 awarded to Wison Engineering, others $4.3 billion will be allocated to phase 3, whose execution will be carried out by Tecnimont.
These contracts are in addition to the $5 billion previously committed for the first phase, this brings the total investment in Rich Gas Development to approximately $13.2 billion.
The program is part of ADNOC Gas’s strategy to increase gas processing capacity and utilize larger volumes of associated gas within the UAE’s energy chain.
Habshan and Ruwais will expand natural gas processing
Phase 2, meanwhile, includes the installation of a new train of natural gas processing in the complex of Habshan the infrastructure will allow for increased treatment capacity and provide greater flexibility to operations.
This expansion also seeks to meet the demand from the petrochemical and downstream sectors of the United Arab Emirates.
Meanwhile, phase 3 will incorporate a new fractionation train of natural gas liquids (NGL) in Ruwais, the facility will allow the recovery of higher-value liquid products from rich gas and increase the volumes destined for international customers.
With these investments, ADNOC Gas strengthens a portfolio that also includes projects such as Ruwais LNG, Maximizing Ethane Recovery and Monetization (MERAM) y Estidama.
The company raises its EBITDA growth target
Furthermore, the approval of the new investments led ADNOC Gas to raise its long-term financial expectations. The company now aims to achieve a EBITDA growth of 60% by 2030 compared to 2023 levels their previous target was an increase of more than 40% between 2023 and 2029.
To support this expansion, ADNOC Gas plans to invest approximately $28 billion between 2026 and 2030 the company expects its main projects to expand processing and export capacity while incorporating new volumes of gas and associated liquids into its integrated network.
ADNOC Gas earns $665 million in net profit
In parallel with its investment program, ADNOC Gas reported a net profit of $665 million during the second quarter of 2026.
The result exceeded the company’s own forecast range of $400 million to $600 million, it also surpassed market expectations of approximately $646 million, as reported by Investing.com.
Margins from the domestic gas business helped sustain results during a quarter marked by operational and logistical constraints.
In addition, the board of directors approved ab quarterly dividend of $940 million whose payment is scheduled for September 2026. The financial policy contemplates an annual growth of dividends of 5% until 2030.
Habshan recovers 85% of its gas supply
On the other hand, operations at Habshan continue to recover after the incidents recorded in April, ADNOC Gas reported that the gas supply It was already restored to approximately 85 %, exceeding the target that the company had previously set for the end of the year.
Disruptions to maritime transport across the Strait of Hormuz product movements were also affected during the second quarter. Faced with this situation, the company implemented inventory management, logistics, and supply chain measures to reduce the impact on its customers.
For the third quarter, ADNOC Gas projects a net profit of between $600 million and $800 million looking ahead to 2026, the company estimates earnings of between $3.5 billion and $4 billion provided that maritime operations can return to normal during the fourth quarter.
With the progress of Rich Gas Development and the rest of its project portfolio, ADNOC Gas is now focusing a significant part of its strategy on expanding the processing of natural gas and associated liquids to meet domestic demand and export markets.
Source: PR Newswire
Photo: Shutterstock
