ADNOC Group’s LNG marketing/trading launch – positive for ADNOC Gas

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ADNOC Group’s LNG marketing/trading launch – positive for ADNOC Gas

MENA Energy

ADNOC Gas (ADNOCGAS UH)

EQUITY RESEARCH Quick Take

July 6, 2026

ADNOC Group’s LNG marketing/trading launch – Price: AED3.44

Price Target: AED4.30 positive for ADNOC Gas

Rating: Overweight Takeaways

Key Statistics: ADNOC Group has announced that it has launched a global LNG marketing

Symbol ADS: ADNOCGAS and trading platform in Abu Dhabi Global Market. This will combine UH

marketing activities of ADNOC Gas and XRG, a wholly owned subsidiary of 52-Week Range 3.12 - 3.76

Market Cap 264,024.9 ADNOC Group and ADNOC Gas’ major shareholder, with trading capabilities

ADV (3 mo) 29,150,340 of ADNOC Trading, see release. The new entity will target 47mtpa of

Free Float (%) 9.000 marketable LNG by 2035 and LNG marketing will be centralised under one

Shares Out (M) 76,751.4 platform. The company said that ADNOC Gas’ existing commercial LNG

arrangements are unchanged. This is positive for ADNOC Gas, in our view,

Research Analysts: as it should support the company to optimize its LNG profitability as the

Scott Darling company ramps-up incremental LNG production from 2028 with Ruwais +971 52 699 0785

scott.darling@cantor.com LNG.

Increasing leverage to a tight Global LNG market. ADNOC Gas LNG exports One-Year Price History

account for c.10% of group profitability, and the ramp-up of the company’s

3.8 cost-advantaged Ruwais LNG project from 2028 is likely to see this increase,

3.6 3.4 especially considering our view for Brent to be c.US$60/bl in the long term.

3.2 This announcement by ADNOC Group is likely to support the company’s

3 LNG profitability outlook, in our view. The Global LNG market is currently

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