UAE oil company announces new investments to bypass Hormuz
UAE oil company announces new investments to bypass Hormuz Abu Dhabi National Oil Co (Adnoc), the Emirate's national oil company, announced plans to construct a new gas export facility to bypass the Strait of Hormuz. The company reported its income for the second quarter of 2026 earlier today, beating forecasts with a net income of $665m and strong guidance for the rest of the year, contingent on…
Abu Dhabi National Oil Company (Adnoc), the UAE's national oil firm, has unveiled ambitious plans to expand its energy exports by constructing a new gas export facility. This move aims to provide an alternative route for gas exports, circumventing the Strait of Hormuz.
Recent financial results for the second quarter of 2026 have been impressive, with a net income of $665 million, surpassing market expectations. Adnoc's optimistic outlook for the rest of the year hinges on the full restoration of exports in the fourth quarter.
In a strategic maneuver, the company is also set to build a liquefied natural gas (LNG) export facility on the UAE's eastern coast. This project will enable Adnoc to transport LNG out of the Persian Gulf, bypassing the Strait of Hormuz entirely.
Adnoc's vessels have been targeted multiple times while navigating through the Hormuz Strait. In the past week alone, three of their ships faced attacks from drones and missiles. The safety concerns surrounding these shipments have intensified the urgency behind Adnoc's new investments.
Written by urgent.news from Middle East Eye's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
