Latest news with #RichGasDevelopment
Reuters
11-06-2025
- Business
- Reuters
Gulf bourses end mixed on US-China trade-talks
June 11 (Reuters) - Stock markets in the Gulf ended mixed on Wednesday as there was little progress in U.S.-China trade talks, dashing hopes it would ease long-standing tensions between the world's largest economies. Top officials of both countries said on Tuesday they agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths, while offering little sign of a durable resolution. Saudi Arabia's benchmark index (.TASI), opens new tab - which traded after a four-session eid break - gave up early gains to finish flat. Meanwhile, the kingdom's crude oil supply to China is set to dip slightly in July, Reuters reported on Tuesday, citing trade sources, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer. Dubai's main share index (.DFMGI), opens new tab eased 0.1%, hovering around 17-year high, with top lender Emirates NBD ( opens new tab losing 2%. The Dubai stock market remained relatively flat, suggesting potential uncertainty as the market hovers near 17-year highs, which may prompt some investors to engage in profit-taking, said Joseph Dahrieh, Managing Principal at Tickmill. In Abu Dhabi, the index (.FTFADGI), opens new tab inched 0.1% higher, with ADNOC Gas ( opens new tab gaining 1.2%. ADNOC Gas said on Tuesday it had taken a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the project. The Qatari index (.QSI), opens new tab added 0.2%, with Qatar Gas Transport ( opens new tab increasing 2.8%. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.1%, helped by a 2% rise in Commercial International Bank ( opens new tab.
Yemen Online
10-06-2025
- Business
- Yemen Online
ADNOC Gas takes final investment decision, awards $5 bn in contracts for first phase of its Rich Gas Development Project
ADNOC Gas Plc and its subsidiaries (together referred to as 'ADNOC Gas' or the 'Company') announced today it has taken a FID and awarded $5 billion in contracts for the first phase of its Rich Gas Development (RGD) Project, marking a key milestone in the company's largest-ever capital investment. The contracts involve expanding key processing units to increase throughput and improve operational efficiency across four ADNOC Gas Facilities: Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore). The company intends to take FIDs on two additional phases of the RGD project at Habshan and Ruwais to enable the delivery of greater production capacity to meet growing market demands. The RGD project will enable the development of new gas reservoirs, which are key to boosting liquid gas exports, supporting gas self-sufficiency in the UAE, and providing essential feedstock to the country's growing petrochemical industry. Engineering, Procurement, and Construction Management (EPCM) contracts have been awarded in three tranches for phase 1. The first tranche, valued at $2.8 billion, has been awarded to Wood for the Habshan facility. The remaining two tranches – $1.2 billion for the Das Island liquefaction facility and $1.1 billion for the Asab and Buhasa facilities – have been awarded to two consortia: Petrofac; and Kent Plc. Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: 'The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in ADNOC Gas' strategy to deliver +40% EBITDA growth between 2023 and 2029. This strategic investment is expected to deliver significant new value for our shareholders and enable continued sustainable growth for the company, our employees, and the UAE.' Phase 1 of the RGD project focuses on optimizing and debottlenecking existing gas assets while unlocking new and valuable gas streams. As part of ADNOC Gas' long-term strategy, which is focused on growth and futureproofing its business, the RGD project aligns with the company's vision to deliver important growth initiatives between 2025 and 2029. Additionally, the RGD project highlights ADNOC Gas' commitment to enhancing In-Country Value (ICV), with plans to create hundreds of new, field-based technical positions by 2029, further contributing to the UAE's economic growth.
Sharjah 24
10-06-2025
- Business
- Sharjah 24
ADNOC takes final investment decision, awards $5 bn in contracts
The contracts involve expanding key processing units to increase throughput and improve operational efficiency across four ADNOC Gas Facilities: Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore). The company intends to take FIDs on two additional phases of the RGD project at Habshan and Ruwais to enable the delivery of greater production capacity to meet growing market demands. The RGD project will enable the development of new gas reservoirs, which are key to boosting liquid gas exports, supporting gas self-sufficiency in the UAE, and providing essential feedstock to the country's growing petrochemical industry. Engineering, Procurement, and Construction Management (EPCM) contracts have been awarded in three tranches for phase 1. The first tranche, valued at $2.8 billion, has been awarded to Wood for the Habshan facility. The remaining two tranches – $1.2 billion for the Das Island liquefaction facility and $1.1 billion for the Asab and Buhasa facilities – have been awarded to two consortia: Petrofac; and Kent Plc. Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: 'The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in ADNOC Gas' strategy to deliver +40% EBITDA growth between 2023 and 2029. This strategic investment is expected to deliver significant new value for our shareholders and enable continued sustainable growth for the company, our employees, and the UAE.' Phase 1 of the RGD project focuses on optimizing and debottlenecking existing gas assets while unlocking new and valuable gas streams. As part of ADNOC Gas' long-term strategy, which is focused on growth and futureproofing its business, the RGD project aligns with the company's vision to deliver important growth initiatives between 2025 and 2029. Additionally, the RGD project highlights ADNOC Gas' commitment to enhancing In-Country Value (ICV), with plans to create hundreds of new, field-based technical positions by 2029, further contributing to the UAE's economic growth.
Gulf Today
10-06-2025
- Business
- Gulf Today
Adnoc Gas awards $5b in contracts for first phase of its Rich Gas Development Project
ADNOC Gas Plc and its subsidiaries (together referred to as 'ADNOC Gas' or the 'Company') announced on Wednesday it has taken a FID and awarded $5 billion in contracts for the first phase of its Rich Gas Development (RGD) Project, marking a key milestone in the company's largest-ever capital investment. The contracts involve expanding key processing units to increase throughput and improve operational efficiency across four ADNOC Gas Facilities: Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore). The company intends to take FIDs on two additional phases of the RGD project at Habshan and Ruwais to enable the delivery of greater production capacity to meet growing market demands. The RGD project will enable the development of new gas reservoirs, which are key to boosting liquid gas exports, supporting gas self-sufficiency in the UAE, and providing essential feedstock to the country's growing petrochemical industry. Engineering, Procurement, and Construction Management (EPCM) contracts have been awarded in three tranches for phase 1. The first tranche, valued at $2.8 billion, has been awarded to Wood for the Habshan facility. The remaining two tranches – $1.2 billion for the Das Island liquefaction facility and $1.1 billion for the Asab and Buhasa facilities – have been awarded to two consortia: Petrofac; and Kent Plc. Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: 'The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in ADNOC Gas' strategy to deliver +40% EBITDA growth between 2023 and 2029. This strategic investment is expected to deliver significant new value for our shareholders and enable continued sustainable growth for the company, our employees, and the UAE.' Phase 1 of the RGD project focuses on optimizing and debottlenecking existing gas assets while unlocking new and valuable gas streams. As part of ADNOC Gas' long-term strategy, which is focused on growth and futureproofing its business, the RGD project aligns with the company's vision to deliver important growth initiatives between 2025 and 2029. Additionally, the RGD project highlights ADNOC Gas' commitment to enhancing In-Country Value (ICV), with plans to create hundreds of new, field-based technical positions by 2029, further contributing to the UAE's economic growth. WAM
Zawya
10-06-2025
- Business
- Zawya
ADNOC Gas awards $5bln in contracts for first phase of its Rich Gas Development Project
ADNOC Gas Plc and its subsidiaries (together referred to as 'ADNOC Gas' or the 'Company') announced today it has taken a FID and awarded $5 billion in contracts for the first phase of its Rich Gas Development (RGD) Project, marking a key milestone in the company's largest-ever capital investment. The contracts involve expanding key processing units to increase throughput and improve operational efficiency across four ADNOC Gas Facilities: Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore). The company intends to take FIDs on two additional phases of the RGD project at Habshan and Ruwais to enable the delivery of greater production capacity to meet growing market demands. The RGD project will enable the development of new gas reservoirs, which are key to boosting liquid gas exports, supporting gas self-sufficiency in the UAE, and providing essential feedstock to the country's growing petrochemical industry. Engineering, Procurement, and Construction Management (EPCM) contracts have been awarded in three tranches for phase 1. The first tranche, valued at $2.8 billion, has been awarded to Wood for the Habshan facility. The remaining two tranches – $1.2 billion for the Das Island liquefaction facility and $1.1 billion for the Asab and Buhasa facilities – have been awarded to two consortia: Petrofac; and Kent Plc. Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: 'The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in ADNOC Gas' strategy to deliver +40% EBITDA growth between 2023 and 2029. This strategic investment is expected to deliver significant new value for our shareholders and enable continued sustainable growth for the company, our employees, and the UAE.' Phase 1 of the RGD project focuses on optimizing and debottlenecking existing gas assets while unlocking new and valuable gas streams. As part of ADNOC Gas' long-term strategy, which is focused on growth and futureproofing its business, the RGD project aligns with the company's vision to deliver important growth initiatives between 2025 and 2029. Additionally, the RGD project highlights ADNOC Gas' commitment to enhancing In-Country Value (ICV), with plans to create hundreds of new, field-based technical positions by 2029, further contributing to the UAE's economic growth.
