Adnoc Gas has signed a $4 billion agreement with UAE-based steel manufacturer Emsteel to supply lower-carbon natural gas, in a deal aimed at supporting the country's industrial sector.
The 20-year agreement, effective from January 1, 2027, secures a “stable and reliable” supply of natural gas for Emsteel's operations and future growth, Adnoc Gas said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where it trades.
The agreement “underpins Adnoc Gas's role in boosting the UAE’s industrial growth and economic development”, said chief executive Fatema Al Nuaimi.
Adnoc Gas chief executive Fatema Al Nuaimi and Emsteel group chief executive Saeed Al Remeithi at the signing of the deal. Photo: Adnoc Gas
Adnoc Gas, estimated to have the seventh-largest natural gas reserves globally, supplies
Continue Reading on The National UAE
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.