ADNOC Gas is studying potential new routes to deliver gas to its customers, its top executives said on Tuesday, as the Iran war continues to disrupt exports through the Strait of Hormuz.
"So we've been evaluating in the past months, and studying different means and ways of really delivering...or finding alternative routes to deliver to our customers," CEO Fatema Mohamed Al Nuaimi told reporters on an earnings call, adding no final decision has been made.
"It is only natural that we review how we serve our customers better."
Her remarks were in response to a question on whether the company is considering locating export capabilities in Fujairah in the country's east, which has become a key outlet for crude exports since the strait's disruption.
Asked for further details on a potential LNG project in Fujairah, Chief Financial Officer Peter van Driel said: "It is a work in progress, and anything you ask is part of that assessment. Size, amount of gas going in, market volumes that we want to sell to our customers, we will come back once a decision is made."
ADNOC Group is already building Ruwais LNG, which van Driel said is due to export cargoes by late 2028 or early 2029.
The project, with an eventual capacity of 9.6 million tonnes per annum, installed its first two refrigeration compressor trains, Al Nuaimi said.
Ruwais LNG was originally planned to be built in Fujairah before it was decided in 2023 to move it closer to ADNOC's main operations in Ruwais Industrial City in the emirate of Abu Dhabi, which sits inside the Persian Gulf.
ADNOC Gas reported $1.34 billion in net income in the quarter ended September 30, flat year-on-year and double the previous quarter due to higher production, prices and a recovery in export volumes.
"You've seen a steady increase in the number of vessels going through the Strait of Hormuz," van Driel said, declining to give "detail on how that happens."
ADNOC Gas' guidance for $4 billion in net profit for 2026 is underpinned by an assumption that export levels in the fourth quarter will be similar to the third.
(Reporting by Federico Maccioni; Editing by Muralikumar Anantharaman)