Adnoc Gas Sees Strong Global LNG Demand as It Boosts Supply
- Company doesn’t see signs of glut developing in market
- Adnoc Gas to take over Ruwais LNG from its parent firm in 2028
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The biggest supplier of liquefied natural gas in the United Arab Emirates sees strong demand for the fuel through the rest of the decade just as it boosts supply.
Adnoc Gas Plc, a unit of Abu Dhabi National Oil Co., raised its capital expenditure plan to about $15 billion over the next five years from about $13 billion earlier, according to a statement Monday. It’s expanding processing capacity at home by taking control of a coastal LNG plant from its parent company once construction is completed.