What Is ADNOC Gas?
ADNOC Gas is the gas processing and monetisation subsidiary of Abu Dhabi National Oil Company (ADNOC), listed on the Abu Dhabi Securities Exchange (ADX) since March 2023. The company processes, treats, and distributes natural gas, NGLs, LNG, and associated products across the UAE and international markets, operating as the backbone of Abu Dhabi’s gas supply chain. In 2025, it recorded net income of $5.17 billion on an adjusted EBITDA of approximately $8.6 billion.
ADNOC holds a 90% stake, with the remaining 10% publicly traded. The company operates under a Gas Sales and Purchase Agreement (GSPA) with ADNOC, which provides structural floor pricing and downside protection — a key feature of its investment case in volatile commodity environments.
Gas Processing Infrastructure
ADNOC Gas operates six gas processing sites across the UAE: Habshan, Ruwais, Das Island, Buhasa, Asab, and BAB — serving both associated gas (AG) and non-associated gas (NAG) streams. The Habshan complex is the largest, representing approximately 60% of total nameplate processing capacity and handling gas from multiple onshore fields in the Abu Dhabi concession area.
Ruwais, on the UAE’s northwest coast, handles NGL processing and export, co-located with one of the world’s largest integrated refining and petrochemicals complexes. Das Island serves as the primary LNG liquefaction hub, home to the Abu Dhabi LNG joint venture (ALNG), in which the operator holds a 70% proportionate interest. The Takreer Gas Compression Plant (TGCP) near the coast completes the processing network.
LNG Operations: Das Island and ALNG
The Abu Dhabi LNG (ALNG) joint venture at Das Island has operated since 1977 and holds capacity to export approximately 5.8 million tonnes per annum (mtpa). Das Island feeds supply into the export and traded liquids (ETL) segment, which alongside domestic gas represents the company’s two primary revenue streams. LNG product share is accounted for at the 70% proportionate consolidation level.
In 2026, a new five-year LNG supply deal with TotalEnergies was signed, sourced from Das Island and valued at $700–800 million, with delivery starting in 2026. The deal adds contracted volume security at a period when Brent-linked prices are recovering. For context on global LNG capacity rankings, see our Top 10 LNG Terminals in the World 2026.
Financial Performance
ADNOC Gas delivered consistent earnings growth from its 2023 IPO through 2025, with adjusted EBITDA rising from $7.6 billion in 2023 toward its 40%+ growth target by 2029 — equivalent to approximately $10.6 billion or more. The company targets an EBITDA margin of approximately 36% through 2026, consistent with the 36.8% delivered in 2025.
Q1 2026 results were impacted by the Strait of Hormuz (SoH) closure and damage to the Habshan facility following incidents on 3–4 April 2026. Net income fell 15% to $1.08 billion against Q1 2025, with the combined cost of conflict estimated at approximately $210 million. Full results and the Habshan restoration timeline are covered in our ADNOC Gas Q1 2026 results analysis.
The balance sheet is debt-free with $4.21 billion cash as of Q1 2026 and approximately $20 billion in total financial flexibility. Capital expenditure guidance for 2026 is $4.5–5.0 billion, directed primarily toward long-term gas processing capacity expansion.
Dividend Policy
The company operates a progressive dividend policy with 5% per annum growth, extended to 2030 — three years beyond its original IPO commitment. Quarterly dividend payments commenced in Q3 2025. The 2026 full-year dividend is set at $3.76 billion, rising to a projected $4.57 billion by 2030. Total dividends across 2025–2030 are projected at $24.4 billion, supported by $6.6 billion in retained earnings as of Q1 2026.
ADNOC Gas Growth Strategy: OPEC Exit and New Contracts
The Abu Dhabi operator is a direct beneficiary of the UAE’s exit from OPEC production quotas. Increased upstream oil output generates additional associated gas — richer in NGLs and higher-margin than non-associated streams. Management characterises this as a volume and margin upside driver from 2026 onward, with sales volumes described as demand-driven once constraints lift.
Two major contracts were announced in 2026: a 25-year gas supply arrangement for Ta’ziz’s 1.8 mtpa methanol plant valued at $5 billion (commencing 2029), and the TotalEnergies LNG deal noted above. Ta’ziz is a joint venture between ADNOC and ADQ focused on UAE industrial chemicals, and the contract is central to Abu Dhabi’s Make it in the Emirates strategy.
The listed midstream entity is profiled at ADNOC Gas Pipeline Assets. The terminal and port network — including Ruwais and Jebel Dhanna — is covered at ADNOC Terminals: UAE Petroleum Ports & AI Strategy 2026. For the broader regional context, see our Saudi Aramco Company Profile and the LNG Infrastructure 2026 market overview.
ADNOC Gas: Key Facts 2026
- Listed: Abu Dhabi Securities Exchange (ADX), March 2023
- ADNOC stake: 90%
- 2025 net income: $5.17 billion
- 2026 dividend guidance: $3.76 billion
- Processing sites: Habshan, Ruwais, Das Island, Buhasa, Asab, BAB, TGCP
- Habshan share of capacity: ~60%
- ALNG capacity (Das Island): ~5.8 mtpa
- 2029 EBITDA target: 40%+ growth vs 2023
- CEO: Fatema Mohamed Al Nuaimi
- CFO: Peter van Driel
What does ADNOC Gas do?
ADNOC Gas processes, treats, and distributes natural gas, NGLs, LNG, and associated products across the UAE and to international markets. It is 90% owned by ADNOC and listed on the Abu Dhabi Securities Exchange since 2023.
Where does ADNOC Gas operate?
ADNOC Gas operates six processing sites in the UAE: Habshan, Ruwais, Das Island, Buhasa, Asab, and BAB, plus the Takreer Gas Compression Plant (TGCP). Habshan is the largest, handling approximately 60% of total nameplate capacity.
What is ADNOC Gas’s LNG capacity?
ADNOC Gas holds a 70% proportionate share of the Abu Dhabi LNG (ALNG) joint venture at Das Island, which has export capacity of approximately 5.8 million tonnes per annum. A new five-year LNG deal with TotalEnergies was signed in 2026 valued at $700–800 million.
What is ADNOC Gas’s financial performance in 2026?
ADNOC Gas reported Q1 2026 net income of $1.08 billion, impacted by the Strait of Hormuz closure and Habshan facility damage. Full-year 2026 EBITDA margin guidance is approximately 36%, with capital expenditure guidance of $4.5–5.0 billion.
Who is the CEO of ADNOC Gas?
The CEO of ADNOC Gas is Fatema Mohamed Al Nuaimi. The CFO is Peter van Driel. Both presented the Q1 2026 results on 12 May 2026.