Adnoc to set up its gas subsidiary, list on ADX

Adnoc to set up its gas subsidiary, list on ADX

The new gas processing and marketing company, Adnoc Gas, will come into effective on January 1, 2023

The Preisent, His Highness Sheikh Mohamed bin Zayed Al Nahyan tours Abu Dhabi National Oil Company (Adnoc) headquarters, after a Supreme Petroleum Council meeting. Seen with Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Member of Abu Dhabi Executive Council and Chairman of Abu Dhabi Executive Office. — Wam

Published: Mon 28 Nov 2022, 8:00 PM

Adnoc on Monday unveiled a plan to establish its gas subsidiary and list its shares on the Abu Dhabi Securities Exchange (ADX) next year.

In a statement, the Abu Dhabi-based energy giant said the new gas processing and marketing company, Adnoc Gas, will come into effective on January 1, 2023.

“The flagship company will combine the operations, maintenance and marketing of Adnoc Gas Processing and Adnoc LNG into one consolidated entity,” the statement said.

The President, His Highness Sheikh Mohamed bin Zayed Al Nahyan presided over the annual meeting of the Adnoc board of directors, in his capacity as its chairman and approved Dh550 billion budget for the next five years.

“Adnoc’s five-year business plan and capital expenditure (Capex) of Dh550 billion ($150 billion) for 2023-27 was approved to enable the accelerated growth strategy.