Abu Dhabi’s state-owned energy giant ADNOC has approved a $150 billion budget for the next five years as the company prepares to set up its gas subsidiary and list its shares on the Abu Dhabi Securities Exchange (ADX) next year.
The new gas processing and marketing company will be called ADNOC Gas, and will begin operations on January 1, 2023, the company said in a statement.
“The flagship company will combine the operations, maintenance and marketing of ADNOC Gas Processing and ADNOC LNG into one consolidated entity,” it said.
The announcement was made following the annual meeting of the ADNOC’s board of directors, which was presided by the UAE’s President, HH Sheikh Mohamed bin Zayed Al Nahyan in his capacity as the company’s chairman.
The President praised the group’s steps to further reduce its carbon footprint as it expands its operations to meet rising global energy demand. He directed ADNOC to pursue a ‘Net Zero by 2050 ambition’ to support the UAE’s drive towards net zero carbon.
