ADNOC Gas, the gas business of the Emirati energy major, will spend more than $8 billion on its Rich Gas Development project, the company said today, as it eyes 60% growth in its earnings before interest, tax, depreciation, and amortization by 2030.
The Rich Gas Development project covers several gas production facilities, including the Habshah gas project, which is the UAE’s largest gas processing facility, and the Ruwais LNG project, also in the UAE.
Of the total investment, $3.9 billion would go towards building a new gas processing train at the Habshah facility, to be built by Wison Engineering, and $4.3 billion would be invested in a new natural gas liquids fractionation unit at Ruwais LNG. The new investment follows a $5-billion commitment to the Rich Gas Development project made earlier.
The Ruwais project is set to be one of the largest liquefied natural gas facilities in the Middle East. Slated to enter operation in late 2028, it will more than double ADNOC Gas’s existing LNG capacity to roughly 15 million tons per year. The plant’s two 4.8-mtpa liquefaction trains will leverage artificial intelligence and advanced technologies to improve safety, efficiency, and emissions performance, ADNOC said earlier.
The Emirati company has been actively expanding in natural gas amid strong global demand projections, despite the current supply disruption in the Persian Gulf. “This is a defining moment for ADNOC Gas. With the final investment decision and contract awards for the Rich Gas Development Project, we are not only accelerating one of the world’s largest gas-processing growth programs – we are raising our ambition, targeting 60% EBITDA growth by 2030,” the company’s chief executive, Fatema Al Nuaimi said.
“These strategic investments will significantly expand our natural gas processing and export capacity, unlock lasting value for our shareholders, and position ADNOC Gas at the heart of the UAE’s energy future.”
By Irina Slav for Oilprice.com
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