Abu Dhabi National Oil Co (Adnoc), the Emirate’s national oil company, announced plans to construct a new gas export facility to bypass the Strait of Hormuz.
The company reported its income for the second quarter of 2026 earlier today, beating forecasts with a net income of $665m and strong guidance for the rest of the year, contingent on exports being fully restored in the fourth quarter.
Adnoc also announced its intention to construct a liquefied natural gas (LNG) export facility on the eastern coast of the UAE, which would allow it to move LNG out of the Persian Gulf without having to cross the Strait of Hormuz.
The company’s ships have come under repeated attacks while transiting through Hormuz, with three of its vessels having been attacked by drones and missiles last week.
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