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Market Chatter: Adnoc to Invest $8.2 Billion to Boost Gas Output, Build Hormuz-Dodging Export Facility

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State-owned Abu Dhabi National Oil's natural gas arm, Adnoc Gas, is contemplating the construction of a liquefied natural gas export facility that would bypass the shuttered Strait of Hormuz, Bloomberg reported on Monday.

Separately, Adnoc has confirmed plans to invest $8.2 billion to boost gas output through increased processing capacity to meet export and domestic demand.

Chief Financial Officer Peter van Driel told Bloomberg Television in an interview that the company was looking at potential locations on the east of the country but that no final decision had been made.

The company is seeking to completely end its reliance on the Strait of Hormuz, through which traffic has now been disrupted for more than five months since the start of the US-Iran war.

Adnoc did not immediately reply to an email seeking comment on its investment plans.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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