ADNOC Gas PLC said Monday it has been selected for the FTSE Emerging Index, part of its efforts to boost its investment attractiveness.
The gas processing and sales arm of Abu Dhabi National Oil Co will debut on the index, which tracks the performance of large and mid-cap companies in emerging markets within the FTSE Russell Global Equity Index Series, when markets open September 22.
“ADNOC Gas believes this milestone will enhance its visibility among global institutional investors, broaden its shareholder base and support liquidity on the Abu Dhabi Securities Exchange”, ADNOC Gas said in a statement on its website. “Market analysts estimate that inclusion may result in up to $250 million in incremental investment”.
In June ADNOC Gas joined the MSCI Emerging Markets Index, which it expects to boost its passive cash inflows by $300-500 million.
In February ADNOC Gas completed a $2.84 billion placement of 3.1 billion shares. The so-called marketed offering, the first in the UAE according to ADNOC, was priced about 43 percent higher than ADNOC Gas’ initial public offering in March 2023.
The marketed offering, which attracted Gulf and international investors, represented four percent of ADNOC Gas’ issued and outstanding share capital, the parent said then.
ADNOC Gas has raised its planned 2025-29 capital expenditure to $20 billion to capitalize on growing domestic demand for natural gas.
During the five years, ADNOC Gas aims to complete the Big Oil-backed Ruwais LNG. Targeted to start production 2028, the 9.6 million tons per annum (MMtpa) facility would more than double ADNOC’s LNG output.
In June ADNOC Gas said it had approved phase one of the Rich Gas Development (RGD) project, which will increase its throughput capacity and operational efficiency. It awarded $5 billion worth of contracts for RGD.
Also planned to be completed in 2025-29 are the Maximization of Ethane Recovery and Monetization Project, planned to produce up to 3.4 MMtpa of ethane and natural gas liquids, and the IGD-E2 project, which would have a gas processing capacity of 370 million cubic feet per day.
ADNOC Gas plans to raise EBITDA by over 40 percent by 2029.
Another ADNOC company, ADNOC Logistics & Services PLC, is working toward MSCI indexation. This would make it the fourth ADNOC company to join the MSCI index after ADNOC Gas, ADNOC Drilling and ADNOC Distribution. ADNOC L&S is ADNOC’s integrated energy maritime logistics and shipping business with over 340 owned vessels and more than 600 chartered annually, according to ADNOC.
Last month ADNOC said it had completed the issuance of around 222 million shares in ADNOC L&S to institutional investors for about AED 1.16 billion ($315.86 million).
The placement constituted approximately three percent of ADNOC L&S’ issued share capital and increases ADNOC L&S’ free float to about 22 percent, ADNOC said.
“The offering is expected to pave the way for potential MSCI indexation, increasing international and domestic investor awareness of ADNOC L&S’ differentiated proposition as leader in global energy maritime logistics”, ADNOC said.
To contact the author, email jov.onsat@rigzone.com
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