Net income rises 34 per cent for liquefied natural gas producer at it expands operations
The UAE’s state owned liquefied natural gas (LNG) producer, Abu Dhabi Gas Liquefaction Company (Adgas), has reported a 34 per cent rise in income for 2011.
The company, which holds gas liquefaction operations on Das Island in the Gulf, posted a net income of AED 4bn ($1.1bn) compared with AED 3.11bn in 2010, according to a monthly report published on the Alkhaleej website.
Adgas’ sales rose by 24 per cent to AED21bn compared with AED17bn in 2010. The company is expected to have benefited from higher gas prices in 2011.
Adgas is owned by Abu Dhabi National Oil Company (Adnoc), UK-based BP, France’s Total and Japan’s Mitsui. The company sells LNG to its sole long-term customer Tokyo Electric Power Company (Tepco) and through spot deals to Asia, Europe and the US.
Adgas is undertaking several projects at its Das island facilities, including a new LNG train, emission reduction plants and new storage tanks.
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