Latest news with #AdnocGas
Reuters
11-07-2025
- Business
- Reuters
UAE stocks rise as oil gains on IEA's market outlook
July 11 (Reuters) - Stock markets in the United Arab Emirates rebounded on Friday, led by gains in oil prices, while U.S. tariffs and possible further sanctions on Russia were also in focus. Crude prices rose after the International Energy Agency said on Friday the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power-generation. Brent crude was up 0.5% at $68.99 a barrel as of 1110 GMT. Dubai's main market rose by 0.4%, hitting a fresh 17-year peak as its upward momentum entered into a third straight week of gains. Real estate stocks also drove gains in the index, with market heavyweight Emaar Properties ( opens new tab advancing 1.4%, while business park operator Tecom Group ( opens new tab added 1.8%. Among financials, Ajman Bank ( opens new tab was one of the top performers, jumping 3.4% after the Ajman government raised its stake in the lender to 31.1%. Abu Dhabi's benchmark index (.FTFADGI), opens new tab inched 0.2% higher, supported by a 2.5% increase in IHC-owned investment firm Multiply Group ( opens new tab and 2.4% rise in real estate giant Aldar Properties ( opens new tab. Separately, Adnoc Gas signed a three-year LNG supply agreement worth AED 1.5 billion ($408.42 million) with Germany's SEFE, although the Abu Dhabi-based company's shares closed unchanged. For the week, Dubai's index recorded a 1.8% gain, while Abu Dhabi's index rose 0.8%, according to data from LSEG. ($1 = 3.6727 UAE dirham)
Zawya
11-07-2025
- Business
- Zawya
Mideast Stocks: UAE stocks rise as oil gains on IEA's market outlook
Stock markets in the United Arab Emirates rebounded on Friday, led by gains in oil prices, while U.S. tariffs and possible further sanctions on Russia were also in focus. Crude prices rose after the International Energy Agency said on Friday the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power-generation. Brent crude was up 0.5% at $68.99 a barrel as of 1110 GMT. Dubai's main market rose by 0.4%, hitting a fresh 17-year peak as its upward momentum entered into a third straight week of gains. Real estate stocks also drove gains in the index, with market heavyweight Emaar Properties advancing 1.4%, while business park operator Tecom Group added 1.8%. Among financials, Ajman Bank was one of the top performers, jumping 3.4% after the Ajman government raised its stake in the lender to 31.1%. Abu Dhabi's benchmark index inched 0.2% higher, supported by a 2.5% increase in IHC-owned investment firm Multiply Group and 2.4% rise in real estate giant Aldar Properties. Separately, Adnoc Gas signed a three-year LNG supply agreement worth AED 1.5 billion ($408.42 million) with Germany's SEFE, although the Abu Dhabi-based company's shares closed unchanged. For the week, Dubai's index recorded a 1.8% gain, while Abu Dhabi's index rose 0.8%, according to data from LSEG. ($1 = 3.6727 UAE dirham)
Trade Arabia
10-06-2025
- Business
- Trade Arabia
Adnoc Gas awards $5bn contracts for key Abu Dhabi RGD project
Adnoc Gas, an integrated gas processing and sales company, has awarded key engineering, procurement and construction management (EPCM) contracts worth $5 billion for the first phase of its Rich Gas Development (RGD) project in Abu Dhabi, marking a key milestone in the company's largest-ever capital investment. These 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 final investment decisions (FID) 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, it stated. According to Adnoc Gas, 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, it stated On the new contracts, Adnoc Gas CEO Fatema Al Nuaimi said: "The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in our 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," she stated. Phase 1 of the RGD project focuses on optimising 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, said Al Nuaimi.
The National
10-06-2025
- Business
- The National
Adnoc Gas awards $5bn in contracts for Rich Gas Development project
Abu Dhabi's Adnoc Gas has awarded contracts worth $5 billion for a key project that is part of its major operational expansion and self-sufficiency strategy. The final investment decision is the first of three phases for the Rich Gas Development project, which is expected to boost the company's Ebitda by 40 per cent through 2029, Adnoc Gas said in a statement on Tuesday. Ebitda – or earnings before interest, taxes, depreciation and amortisation – is a key metric used by companies to measure core profitability. The contracts are part of what Adnoc Gas, a unit of state-owned energy major Abu Dhabi National Oil Company, said is its biggest ever capital investment. They involve boosting key processing units to increase efficiency across its four gas facilities in Asab, Buhasa, onshore Habshan and Das Island, the company said. The engineering, procurement and construction management contracts were awarded in three tranches: Scotland-based professional services firm Wood secured $2.8 billion for Habshan, while a consortia of London-based Petrofac and Dubai's Kent received $1.2 billion and $1.1 billion for Das Island, and Asab and Buhasa, respectively. Adnoc Gas first hinted in November that it would make the investment decision for the Rich Gas Development project in 2025. A decision for another major project, the Bab Gas Cap development, is expected in 2026. The Rich Gas Development project will help develop new gas reservoirs, which in turn, would increase liquid gas exports, support the UAE's gas self-sufficiency agenda and provide feedstock to the country's growing petrochemical industry, the company said. The first phase of the project will focus on optimising and removing bottlenecks in existing Adnoc Gas assets while unlocking new and valuable gas streams, in addition to future-proofing its business. The company plans to decide on the next two phases of the project at Habshan and Ruwais to 'enable the delivery of greater production capacity to meet growing market demands', but did not give a timeline. The investment in the Rich Gas Development project marks a 'significant milestone' for the company, Fatema Al Nuaimi, chief executive of Adnoc Gas, said in the statement. '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,' she added. Adnoc Gas, which has access to 95 per cent of the UAE's natural gas reserves, is looking to boost exports of products such as liquefied natural gas, liquefied petroleum gas and naphtha. Its customers in the Emirates include utilities and industrial companies, which are supplied commercial quantities through an extensive network of pipelines. Adnoc Gas, alongside other Adnoc units, has been boosting investments to expand its geographical and operational reach. In May, the company reported a 7 per cent year-on-year increase in net income to $1.27 billion, driven by strong domestic demand for gas and continued economic growth in the UAE, the Arab world's second-largest economy. Adnoc Gas is also eligible for potential inclusion in the Morgan Stanley Capital International and Financial Times Stock Exchange emerging market indexes as early as June and September respectively, it said. Adnoc sold part of its stake in the subsidiary to institutional investors as it looks to improve liquidity and raise capital. The recently completed offering of 3.1 billion shares in Adnoc Gas increased the free float by 4 per cent to 9 per cent.
Trade Arabia
03-06-2025
- Business
- Trade Arabia
Adnoc Gas joins MSCI Emerging Market Index
Adnoc Gas will be the largest addition to the Index by market capitalisation and joins Adnoc Distribution and Adnoc Drilling which were added to the benchmark in 2021 and 2024, respectively. The company's inclusion follows its successful $2.84 billion marketed offering of 3.1 billion shares in February, which increased the number of shares available to the public by 80% and helped the stock successfully meet key eligibility criteria for entry into the Index. This marks a significant milestone in the Adnoc Gas's ongoing efforts to enhance its global investment profile, attract a broader and more diversified investor base and improve liquidity of its shares. Through their inclusion in the MSCI Index, the three Adnoc Group companies collectively raise both Adnoc's and the Abu Dhabi Securities Exchange's (ADX) global investment profile, while enhancing liquidity in the UAE market and further cementing the UAE's position as an attractive destination for foreign investment. As with Adnoc Distribution and Adnoc Drilling's addition to the Index, Adnoc Gas experienced a surge in trading on the final day before its index inclusion, attracting $469 million in capital inflows. The inclusion of Adnoc Gas in the Index also marks another milestone in Adnoc's efforts to foster growth of the UAE's capital market, which began in 2017 with the public listing of Adnoc Distribution on the ADX. Since then, Adnoc has brought another five of its subsidiaries to the public market, with a current combined market cap of around $140 billion.
