ADNOC will set up a gas processing and marketing company in January and focus on new energies, gas, liquefied natural gas (LNG) and chemicals, it confirmed at its annual Board Meeting today.
ADNOC Gas builds on more than 40 years’ experience as a leading gas producer and will combine the operations, maintenance and marketing of ADNOC Gas Processing and ADNOC LNG into one consolidated entity.
The consolidation will create one of the world’s largest gas processing entities with a processing capacity of around 10bn standard cubic feet per day (scfd) of gas across eight sites, both onshore and offshore, and a pipeline network of over 3,250km.
ADNOC will proceed with an initial public offering (IPO) of a minority stake in the new company on the Abu Dhabi Securities Exchange (ADX) in 2023, subject to applicable regulatory approvals.
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