- Apr 21, 2023, 10:31 AM CDT
ADNOC has taken a strategic stake in Israeli offshore gas producer NewMed Energy, which will expand its foothold in the East Med region.Last week, Abu Dhabi engaged in talks with Germany about increasing investments in green hydrogencapacity and increasing investments to target Europe's gas markets. As one of the Middle East’s largest energy producers, ADNOC aims to meet the growing international demand for LNG by becoming a net-exporter of gas.
The company is constructing additional LNG capacity and expanding its international natural gas production footprint in other regions, including the East Med region. ADNOC has taken a strategic stake in Israeli offshore gas producer NewMed Energy, which will expand its foothold in the East Med region and increase its links with European markets.
ADNOC has more than just LNG on its agenda. Last week, Abu Dhabi engaged in talks with Germany about increasing investments in green hydrogen. The UAE and Germany explored investments in sustainable industrial development, decarbonization, and green hydrogen during the Hannover Messe. ADNOC has set its sights on Germany and Northwest Europe for its green hydrogen and green ammonia targets.
To bolster the global expansion of ADNOC's core offerings, its subsidiary ADNOC Logistics & Services announced the deployment of five brand-new Very Large Gas Carriers , built at the Jiangnan Shipyard in Shanghai, China. These vessels will be owned and operated by ADNOC L&S's joint venture with Wanhua Chemical Group, AW Shipping, and will primarily transport LPG, further enhancing ADNOC's ability to meet the growing worldwide demand for gas.