MOSCOW (MRC) -- Abu Dhabi National Oil Co (ADNOC) announced the formation of, ADNOC Gas, effective 1 Jan 2023, a new worldscale gas processing, operations and marketing company, said Upstreamonline.
ADNOC Gas combines the operations, maintenance and marketing of the ADNOC Gas Processing and ADNOC LNG (liquefied natural gas) businesses into one global consolidated business.
The new company will be a key enabler of ADNOC's ambitious strategy for the gas sector, supporting the United Arab Emirates (UAE) gas self-sufficiency, industrial expansion and economic growth; and expanding export capacity to meet growing global demand.
“As Adnoc grows its gas production and processing capacity, the combined scale and capabilities of Adnoc Gas will maximise value and create new opportunities for Adnoc, its partners, (and the United Arab Emirates),” it noted.
Adnoc last year highlighted its intent to proceed with the consolidation of its gas processing and marketing business into Adnoc Gas, which will “serve a wider range of domestic and international customers with an expanding portfolio of gas products”.
Adnoc stated that Adnoc Gas “is expected to unlock significant financial and operational opportunities”.
“The new company will be more agile, better able to respond to changing market demands, and well-positioned to take advantage of strategic opportunities for future growth,” it said.
We remind, ADNOC announced a bold new strategy to progress the world-scale decarbonization of its operations.
The announcement follows the guidance by ADNOC’s Board of Directors in November 2022 to accelerate delivery of its low-carbon growth strategy and the approval of its Net Zero by 2050 ambition. This builds on ADNOC’s strong track record as a leading lower-carbon intensity energy producer, which includes its use of zero carbon grid power, a commitment to zero flaring as part of routine operations and deployment of the region’s first carbon capture project at-scale.