- ADNOCGAS.AB EMSTEEL.AB
ADNOC Gas has signed a $4 billion deal to supply natural gas to EMSTEEL, the largest listed steel and building materials company in the United Arab Emirates, for 20 years beginning in 2027.
Through the agreement, ADNOC Gas will supply lower-carbon natural gas to power EMSTEEL’s operations and future growth, the gas unit of the Abu Dhabi National Oil Company said on Wednesday.
The landmark deal boosts the long-standing partnership between ADNOC Gas and EMSTEEL and demonstrates both companies’ commitment to driving sustainable economic growth in the UAE, ADNOC said.
“We remain firmly committed to delivering reliable, lower-carbon energy that powers national industries, drives value creation, and helps secure the UAE’s long-term prosperity,” said ADNOC Gas chief executive Fatema Al Nuaimi.
Earlier this week, the UAE approved an expansion of its national energy strategy at ADNOC’s annual board meeting held at the Habshan complex, which is a key operational site of ADNOC Gas. The UAE leadership endorsed a $150 billion capital program for 2026–2030 and acknowledged major increases in the country’s oil and gas reserves.
Held inside the operations control room of ADNOC Gas, which supplies 60% of the UAE’s natural gas needs, the meeting underscored the strategic role of Habshan in powering the nation’s industrial growth and energy security.
ADNOC confirmed a jump in the UAE’s oil and gas reserves, with oil reserves rising by 7 billion stock tank barrels to 120 billion STB, while gas reserves climbed by 7 trillion cubic feet to 297 tscf. The company also reported 1.2 billion boe in new discoveries, enabled by advanced seismic imaging and AI-driven subsurface analytics.
The board approved CAPEX of $150 billion over the next five years to maintain upstream capacity, expand gas output, and accelerate growth across its downstream and chemicals portfolio. This includes major progress on Abu Dhabi’s unconventional resources, estimated at 160 tscf of gas and 22 billion stb of oil.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
-
Iran Oil Stockpile Surges to Two-Year High on China Demand Slowdown
-
Indian Banks Eye Return to Russian Oil Trade
-
Hyperscalers Crash the Grid as Big Tech Becomes a Power Trader
Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else.
You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here.
Terms and Privacy Policy Privacy Dashboard More Info