Scale, integration, resilience: ADNOC Gas’s model for long-term value creation

In a world defined by energy volatility, shifting geopolitics, and the urgent need for secure and sustainable supplies, natural gas has re-emerged as a cornerstone of global energy security and industrial transformation. For the United Arab Emirates, this is not just about meeting today’s demand; it is about shaping the energy economy of the future.

At ADNOC Gas, we see gas not only as a fuel, but as a platform for resilience, diversification, and long-term value creation. By integrating upstream resources with downstream industrial growth, we are positioning the UAE as both a reliable energy supplier and a hub for advanced manufacturing in the global energy transition.

Unlocking rich gas, unlocking global value

Our $5 billion Rich Gas Development program is designed to do more than increase volumes. By unlocking ethane, propane, and condensates at scale, we are laying the foundation for the UAE to become a cornerstone of the global chemicals supply chain. This is a deliberate shift - from exporting raw hydrocarbons to creating higher-margin, value-added products that power industries worldwide.

This integration into petrochemicals and advanced materials does not just diversify our portfolio - it strengthens our earnings resilience, enhances EBITDA margins, and aligns with global investor priorities of capital discipline and risk-adjusted returns.

Integration at scale: a model few can match

Scale and integration are where ADNOC Gas is fundamentally differentiated. Unlike many LNG exporters or regional peers, we link upstream gas production directly to domestic industrial transformation at Ruwais Industrial City.

Projects such as MERAM, which maximises ethane recovery, exemplify this approach. By enabling 1.4 million tonnes of additional polyethylene production capacity, we will create a self-reinforcing ecosystem: cost efficiencies for us, reliable feedstock for our customers, and higher returns for our shareholders.

Exports without compromise

Our global role is equally critical. The under construction Ruwais LNG terminal, to be powered by clean electricity, will add 9.6 mtpa of export capacity by 2028. More than 80% of that capacity is already contracted to long-term buyers across Asia and Europe, demonstrating the ongoing centrality of LNG in diversified portfolios, particularly when combined with low-emission credentials and unmatched supply security.

For our customers, this means reliable supply through an integrated corridor from upstream to export. For our shareholders, it means long-term revenue visibility anchored in disciplined, contracted growth.

Resilience through diversification

Our integrated growth strategy is yielding strong results, including above-average returns with below-average risk. Analysts project up to 200 basis points of EBITDA margin uplift from 2027 onwards, underpinned by over $20 billion of committed investment in diversified growth.

Equally important, our breakeven costs remain among the lowest in the industry. This ensures competitiveness across cycles and underpins capital discipline in a volatile market environment.

A foundation for the transition

Gas-to-chemicals is not a tactical opportunity; it is a structural pillar of the UAE’s industrial policy and Net Zero by 2050 pathway. By converting gas into hydrogen-ready ammonia, low-carbon methanol, and advanced polymers, we are demonstrating hydrocarbons, when responsibly managed, can accelerate, not hinder, the energy transition.

As the UAE strengthens its position as a global gas superpower, ADNOC Gas is determined to lead not only in scale but in vision. Our model of integration, reliability, and disciplined growth sets us apart and positions us to deliver sustainable value for our customers, our shareholders, and the future of energy.

Because for us, this is not just about investing in infrastructure. It is about investing in leadership. For the UAE. For the world. For tomorrow.