ADNOC Gas announces intent to float 4% stake on Abu Dhabi Securities Exchange

ADNOC Gas announces intent to float 4% stake on Abu Dhabi Securities Exchange

Oil giant ADNOC has announced its intention to float a 4 per cent minority stake in ADNOC Gas on the Abu Dhabi Securities Exchange (ADX). The offering is expected to open on February 23, subject to regulatory approvals and other relevant considerations. The prospectus carrying details of the offering will be published Friday, February 17. ADNOC Gas was established in January 2023 through the consolidation of ADNOC’s gas processing and LNG businesses. The gas processing, operations and marketing company has an access to capacity of around 10 billion standard cubic feet of gas per day (bscfd). It supplies around 60 per cent of the UAE’s gas needs, as well as exports natural gas and related products to customers in over 20 countries. Global demand for gas is expected to continue to grow as the world looks to further decarbonise its energy systems. ADNOC Gas is expanding its capacity to meet increasing global demand, support UAE gas self-sufficiency and industrial expansion, as well as expand LNG capacity, official news agency reported. ADNOC Gas produced a shipment of 137,000 cubic meters of liquefied natural gas, which was recently dispatched from Abu Dhabi to the Elbehafen floating LNG terminal in Brunsbüttel, Germany. ADNOC