ADNOC Gas Awards Record-Breaking Contracts for UAE Gas Expansion Project
ADNOC Gas, the largest gas-processing company in the UAE, has awarded $8.2 billion in contracts for its Rich Gas Development (RGD) project's second and third phases.
The two-phase contract is worth a total of $13.2 billion, with Wison Engineering securing a $3.9 billion deal to add a natural gas processing train at the Habshan facility and Tecnimont winning a $4.3 billion contract to build an NGL fractionation train at Ruwais.
ADNOC Gas has increased its investment plans to $28 billion through 2030, targeting a 60% increase in EBITDA by 2030 from 2023 levels.
The company reported second-quarter net income of $665 million and expects third-quarter net income between $600 to $800 million due to disruptions in maritime movements through the Strait of Hormuz.