On 26 November, Adnoc Gas signed a 20-year deal with Emirati steel producer Emsteel (87.5% ADQ, 12.5% free float) to supply the industrial firm with “lower-carbon” natural gas. The deal is valued between $3.5-4.2bn ($175mn-210mn/year) and will be effective from the start of 2027.
Emsteel (formerly Emirates Steel Arkan) is a major manufacturer of steel in the UAE, producing 2.8mn tons of finished steel last year. It has capacity to produce 3.5mn t/y of crude steel, as well as 4.6mn t/y of cement. It consumed around 1.44bcm (140mn cfd) of gas in 2024, paying Adnoc $147mn last year at an average price of $2.8/mn Btu. (CONTINUED - 207 WORDS)