ADNOC Gas’ profit rose by 7% year-on-year to $1.3 bill for the first quarter of this year.
This was due to continued demand for domestic gas amid strong economic growth in the UAE, the ADNOC subsidiary said and also driven by high sales volume and efficient management of the planned shutdown programmes.
Revenue was up 1% year-on-year to over $6 bill, following the signing of new supply agreements, including mid and long term sales and purchase agreements (SPAs) valued at $9 bill with Indian Oil Corp (IOC) and Japan’s JERA Global Markets.
Capex rose by 43% during the quarter, with the company expecting to take a final investment decision (FID on its Ruwais LNG project this year.
