Abu Dhabi National Oil Company (Adnoc) has set up a huge gas processing company, Adnoc Gas, capable of handling up to 10 billion cubic feet per day of gas, making it one of the largest gas processing and marketing companies in the Middle East. The emirati state giant confirmed the development on Tuesday and said the new entity, Adnoc Gas, has been formed effective 1 January and combines two of its largest gas companies — Adnoc LNG and Adnoc Gas Processing. “As Adnoc grows its gas production and processing capacity, the combined scale and capabilities of Adnoc Gas will maximise value and create new opportunities for Adnoc, its partners, (and the United Arab Emirates),” it noted. Adnoc last year highlighted its intent to proceed with the consolidation of its gas processing and marketing business into Adnoc Gas, which will “serve a wider range of domestic and international customers with an expanding portfolio of gas products”. Adnoc stated that Adnoc Gas “is expected to unlock significant financial and operational opportunities”. “The new company will be more agile, better able to respond to changing market demands, and well-positioned to take advantage of strategic opportunities for future growth,” it said. IPO plans […]
CamTrader offers a preview only. View original article. www.upstreamonline.com
