ADNOC Gas PLC has qualified to be included in the MSCI Emerging Markets Index, which serves as a benchmark for the performance of large and mid-cap stocks in 24 emerging market countries, effective next month.
“ADNOC Gas becomes the third ADNOC company to be admitted to the Index, and its inclusion marks a significant milestone in the Company’s ongoing efforts to enhance its global investment profile”, Abu Dhabi National Oil Co.’s (ADNOC) gas processing and sales arm said in an online statement.
“The development is set to increase the Company’s visibility among international institutional investors, which could improve passive cash inflows by between $300 to $500 million and facilitate a more diversified investor base”.
“The Company anticipates that the inclusion should result in higher trading volumes and improved investor engagement, further solidifying its position as a leading energy player in the global market”, ADNOC Gas added.
The inclusion in the MSCI index follows a $2.84 billion placement of 3.1 billion shares last February. 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 retains an 86 percent stake in ADNOC Gas.
“The inclusion supports our ambition to attract a broader and more diversified base of institutional investors and should drive greater liquidity in ADNOC Gas stock”, commented ADNOC Gas chief executive Fatema Mohamed Al Nuaimi.
“The recent $2.84 billion marketed offering, which increased the Company’s free float by 80 percent, has already led to a sixfold rise in average daily trading volume, and we are confident that our continued strategic focus on growth will deliver further value for shareholders through 2025 and beyond”.
Late last year ADNOC Gas raised its planned 2025-29 capital expenditure of $13 billion to $15 billion to capitalize on growing domestic demand for natural gas.
During the five years, ADNOC Gas aims to complete three gas projects, including the Big Oil-backed Ruwais LNG. Targeted to start production 2028, the 9.6 million tons per annum facility would more than double ADNOC’s LNG output.
The other two are the Maximization of Ethane Recovery and Monetization Project, planned to produce up to 3.4 million metric tons per annum 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.
“The updated growth strategy also advances the design and concept study of large-scale pre-FID projects to accommodate a significant increase in the company’s gas processing capabilities as ADNOC expands its upstream production capacity, as well as the Bab Gas Cap project, which are expected to be completed after 2029”, ADNOC Gas said in a press release November 11, 2024.
ADNOC Gas expects Bab Gas Cap, which will serve the onshore Bab field, to add 1.9 billion cubic feet per day of processing capacity.
Under the new strategy ADNOC Gas plans to raise earnings before interest, taxes, depreciation and amortization by over 40 percent by 2029.
To contact the author, email jov.onsat@rigzone.com
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