ADNOC Gas Profit Plummets 52% Amid Strait of Hormuz Chaos

ADNOC Gas reported a substantial 52% decrease in its second-quarter profit, with earnings dropping to $665 million compared to $1.39 billion in the prior year. This financial downturn occurred as sales were adversely affected by disruptions in maritime traffic through the Strait of Hormuz, a critical global energy thoroughfare.

Despite the challenging operational landscape, ADNOC Gas announced plans for significant expansion, intending to invest around $28 billion between 2026 and 2030 to drive future growth. The company awarded engineering, procurement, and construction contracts totaling $8.2 billion for the second and third phases of its Rich Gas Development project, aimed at increasing domestic gas processing and boosting the recovery of exportable liquid products.