ADNOC Establishes New Gas Processing, Operations, and Marketing Company
A minority stake of the new company to go public later this year.
UAE’s state-owned energy company ADNOC has launched ADNOC Gas, effective 1 January 2023—its new gas processing, operations, and marketing company. The flagship company combines the operations, maintenance, and marketing of the ADNOC Gas Processing and ADNOC LNG businesses into one global consolidated unit. As a global player with capacity of around 10 Bcf/D of gas, ADNOC Gas will serve a wider range of domestic and international customers with an expanding portfolio of gas products.
ADNOC expects demand for natural gas to increase steadily over the coming decades with global gas demand driven by industrial and manufacturing growth and the replacement of more carbon- intensive fuels, such as coal, in international markets. The UAE and ADNOC are positioning to take advantage of this opportunity, given the area’s gas reserves.
Ahmed Mohamed Alebri has been appointed as acting chief executive of ADNOC Gas, Peter Van Driel as CFO, and Mohamed Al Hashemi as COO.
Alebri is the former acting CEO of ADNOC Gas Processing and acting general manager of ADNOC Industrial Gases. Peter Van Driel is a 28-year veteran of Shell, where he served in various roles in accounting, investor relations, M&A, and finance. Mohamed Al Hashemi is the former senior vice president of production planning and transmission at ADNOC Gas Processing.
ADNOC Gas will operate eight processing sites both onshore and offshore with a pipeline network of over 3250 km.
As announced in November 2022, ADNOC intends to proceed with an initial public offering (IPO) of a minority stake in ADNOC Gas on the Abu Dhabi Securities Exchange (ADX) during 2023, subject to applicable regulatory approvals.
Existing joint venture partners to ADNOC LNG (Mitsui & Co, bp and TotalEnergies) and ADNOC Gas Processing (Shell, TotalEnergies and PTTEP) will continue in their respective partnerships with ADNOC Gas.