ADNOC Gas takes final investment decision, awards $5 bn in contracts for first phase of its Rich Gas Development Project
ADNOC Gas Plc and its subsidiaries (together referred to as 'ADNOC Gas' or the 'Company') announced today it has taken a FID and awarded $5 billion in contracts for the first phase of its Rich Gas Development (RGD) Project, marking a key milestone in the company's largest-ever capital investment.
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.
The RGD project will enable the development of new gas reservoirs, which are key to boosting liquid gas exports, supporting gas self-sufficiency in the UAE, and providing essential feedstock to the country's growing petrochemical industry.
Engineering, Procurement, and Construction Management (EPCM) contracts have been awarded in three tranches for phase 1. The first tranche, valued at $2.8 billion, has been awarded to Wood for the Habshan facility. The remaining two tranches – $1.2 billion for the Das Island liquefaction facility and $1.1 billion for the Asab and Buhasa facilities – have been awarded to two consortia: Petrofac; and Kent Plc.
Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: 'The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in ADNOC Gas' strategy to deliver +40% EBITDA growth between 2023 and 2029. This strategic investment is expected to deliver significant new value for our shareholders and enable continued sustainable growth for the company, our employees, and the UAE.'
Phase 1 of the RGD project focuses on optimizing and debottlenecking existing gas assets while unlocking new and valuable gas streams. As part of ADNOC Gas' long-term strategy, which is focused on growth and futureproofing its business, the RGD project aligns with the company's vision to deliver important growth initiatives between 2025 and 2029. Additionally, the RGD project highlights ADNOC Gas' commitment to enhancing In-Country Value (ICV), with plans to create hundreds of new, field-based technical positions by 2029, further contributing to the UAE's economic growth.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
15 minutes ago
- Reuters
Car maker Lotus says it has no plans to close English factory
LONDON, June 28 (Reuters) - British-based sportscar company Lotus said it has no plans to close a factory in eastern England, following a report in the Financial Times which said manufacturing there could end with the loss of 1,300 jobs. "Lotus Cars is continuing normal operations, and there are no plans to close the factory," Lotus said in an emailed statement on Saturday. "We are actively exploring strategic options to enhance efficiency and ensure global competitiveness in the evolving market." Lotus is owned by China's Geely ( and Malaysia's Etika Automotive and the brand produces cars in Britain and China. Any closure of the factory in Hethel, Norfolk, would have been a blow for Britain's auto industry which is suffering as a result of tariffs imposed by the United States. Britain's vehicle production dropped 32.8% from a year ago industry data showed on Friday. The Financial Times said the government had intervened to signal it would offer Lotus support after news emerged that the factory could shut, but the Department for Business and Trade did not confirm that. "The government does not comment on speculation or the commercial affairs of private companies," a spokesperson for the department said on Saturday. While Britain has negotiated a trade deal with the U.S. which will reduce the tariffs for a quota of exported vehicles, it does not come into force until the end of June. Meanwhile, car makers have reported lower output and exports to both the U.S. and the European Union, according to economic data.
Yahoo
15 minutes ago
- Yahoo
Jim Cramer on NVIDIA Stock: 'I Don't See It Tripling From Here'
NVIDIA Corporation (NASDAQ:NVDA) is one of the 11 stocks Jim Cramer put under the microscope recently. The company was mentioned during the episode, and here's what Mad Money's host had to say: 'If the semis became like the oils in 1980, then tech would… account for about 60% of the S&P 500. I think that's unrealistic… I just think we gotta curb our enthusiasm a little bit, and everyone knows I love the sector. It's hard to accept that a stock like NVIDIA, currently the largest company in the world, could double or even triple if Reitzes' (Ben Reitzes, Managing Director and Head of Technology Research at Melius Research) bullish forecast comes to life. A close-up of a colorful high-end graphics card being plugged in to a gaming computer. NVIDIA (NASDAQ:NVDA) develops advanced computing, graphics, and networking technologies. The company provides a wide range of products and software that support data centers, AI, robotics, gaming, virtual computing, and automotive systems, including cloud services and digital twin applications tailored for enterprise AI use. While we acknowledge the potential of NVDA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None.
Yahoo
15 minutes ago
- Yahoo
Jim Cramer Calls AMD a 'Semi-Meaningful Competitor' to NVIDIA
Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of the 13 stocks Jim Cramer recently shed light on. During the episode, Cramer called the stock a 'semi-meaningful competitor' to NVIDIA. He said: 'Lately though, we've been seeing AMD, their only semi-meaningful competitor; stock's up like 40 straight points, win[s] a lot of business. Same with Cisco, Arm Holdings. Marvell Tech. Broadcom plays a huge role in these. Vertiv makes power and cooling equipment for the data center. A close up of a complex looking PCB board with several intergrated semiconductor parts. Advanced Micro Devices (NASDAQ:AMD) designs and sells a wide range of semiconductor products, including AI accelerators, microprocessors, GPUs, FPGAs, and adaptive SoCs for applications in computing, graphics, gaming, and data centers. While we acknowledge the potential of AMD as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
