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ADNOC Fuels Expansion: Eyes Africa & Asia Deals
8 Jul
Summary
- ADNOC's retail arm seeks expansion in Africa and Southeast Asia.
- Acquisitions must be profitable from day one.
- Company aims for 47 million tonnes of LNG trading by 2035.
ADNOC's retail arm is actively seeking new acquisition targets in Africa and Southeast Asia. This strategic move follows its recent $1 billion purchase of a South African gas station chain. The company's CEO emphasized that a key criterion for any new deal is immediate profitability and value creation.
Beyond gas stations, ADNOC has been a prominent player in global energy dealmaking, with significant investments in U.S. liquefied natural gas projects and a stake in Argentinian gas blocks. The company is targeting 47 million tonnes of annual LNG trading by 2035, a substantial portion of the global market.
The company's focus on profitable growth has already yielded strong results. Its EBITDA has risen significantly over the past five years, reaching a record $1.16 billion last year. ADNOC Distribution also reported a 21% year-on-year increase in first-quarter net income and plans to open up to 70 new stations this year.
