ADNOC Gas PLC has reported $1.39 billion in net income for the second quarter, rising 16 percent compared to the same three-month period last year and setting a quarterly record for the company.
The LNG will be sourced from the company’s Das Island liquefaction facility, with the total deal valued at approximately USD 400 million. The site has exported over 3,500 LNG cargoes globally since 1977 and produces up to 6 million tonnes per year.
“Petrofac will provide EPCM [engineering, procurement and construction management] services and oversee procurement and construction contracts to build a new inlet facility, two new gas dehydration and compression trains, each with a capacity of 420 million standard cubic feet per day, and associated infrastructure”, Petrofac said separately.
The contracts involve expanding key processing units to increase throughput and improve operational efficiency across four ADNOC Gas Facilities: Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore). The company intends to take FIDs on two additional phases of the RGD project at Habshan and Ruwais to enable the delivery of greater production capacity to meet growing market demands.
Shareholders of ADNOC Gas PLC approved the integrated gas processing company’s proposed dividend of $3.41 billion for 2024, it said Monday.
This is the highest dividend on the Abu Dhabi Securities Exchange (ADX) last year, according to ADNOC Gas, majority-owned by Abdu Dhabi National Oil Co. (ADNOC).
About half was paid September 2024. The remaining $1.7 billion will be distributed in the second quarter of 2025, ADNOC Gas said in an online statement.
“The company’s strong performance was underpinned by robust demand for domestic gas which supported volume growth and improved pricing”, said ADNOC Gas, the integrated gas processing arm of Abu Dhabi National Oil Co. (ADNOC).