Emirates Gas Company "ADNOC" announced that it is exploring alternative options and routes for transporting gas to its clients, amid disruptions to navigation through the Strait of Hormuz caused by the war with Iran.
Evaluating Alternative Routes
Reuters quoted the company's CEO, Fatima Al Nuaimi, as saying during a conference call held today, Tuesday, to discuss third-quarter results: that the company has conducted an evaluation of various transport methods over the past months and studied alternative routes to ensure gas delivery to its clients, emphasizing that no final decision has been made yet.
Al Nuaimi's comments came in response to a question regarding the potential development of export capacities in the emirate of Fujairah, east of the UAE, which has become a crucial outlet for crude oil exports since navigation through the Strait of Hormuz was disrupted.
LNG Projects
For his part, the company's CFO, Peter van Driel, said that a potential Liquefied Natural Gas (LNG) project in Fujairah is still under study, clarifying that the company continues to evaluate the project and will announce details after a decision is made.
Van Driel pointed to a steady increase in the number of ships transiting the Strait of Hormuz, without providing further details.
On another note, the "ADNOC" group continues to implement the "Ruwais LNG" project, which was originally planned for Fujairah, before the group decided in 2023 to relocate it to the Ruwais Industrial City in the emirate of Abu Dhabi, to be closer to its main operations. The project is scheduled to begin exporting its shipments in late 2028 or early 2029, with a production capacity reaching 9.6 million tons annually.
Financial Performance and Outlook
"ADNOC Gas" recorded a net income of $1.34 billion during the quarter ended on September 30, remaining almost stable compared to the same period last year, while doubling compared to the previous quarter, supported by increased production, prices, and improved export volumes.
The company's expectations of achieving a net profit of no less than $4 billion during 2026 are based on the assumption that export levels in the fourth quarter will remain close to those of the third quarter.
Source: Syrian Arab News Agency (SANA)
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