The UAE's largest gas processing complex will not return to full capacity until 2027, ADNOC Gas announced Tuesday, nearly two years after Iranian strikes caused severe damage to the facility in early April.
The company expects the situation to continue weighing on second-quarter results © Mena Today
The UAE's largest gas processing complex will not return to full capacity until 2027, ADNOC Gas announced Tuesday, nearly two years after Iranian strikes caused severe damage to the facility in early April.
The Habshan complex in Abu Dhabi, one of the world's largest gas treatment sites, was hit twice by Iranian strikes launched in retaliation for the joint US-Israeli offensive against the Islamic Republic.
The company said 60% of processing capacity has been restored so far, with a target of 80% by end-2026 and full recovery in 2027. The attacks killed one person and injured seven.
The financial toll is significant. ADNOC Gas reported a 15% year-on-year drop in net profit to $1.1 billion in the first quarter, citing "major disruptions in the energy sector and maritime traffic in the Strait of Hormuz." Iran's blockade of the strategic waterway, through which approximately one fifth of global hydrocarbons normally pass, has disrupted supplies and sent energy prices surging.
The company expects the situation to continue weighing on second-quarter results, estimating an impact of between $400 and $600 million if maritime operations normalise before the end of the period. For the full year, ADNOC Gas now projects profit of between $3.5 and $4 billion, a sharp decline from the $5.2 billion recorded in 2025.
The silver lining: higher gas prices driven by the Hormuz disruption are expected to partially offset the volume losses, providing some cushion as the company works through a long and costly recovery.
While Washington and Tehran argue over a deal to end the attacks on shipping that are shaking the world economy, Iran's most powerful ally Hezbollah and Israel are stepping up a drone war in Lebanon - on camera - that is complicating the path to peace.
U.S. Ambassador to Israel Mike Huckabee said on Tuesday that Israel had sent an Iron Dome battery and personnel to operate the air defence system to the United Arab Emirates.
Hopes for a peace deal on Iran faded on Tuesday after Donald Trump said a ceasefire with Iran was "on life support" as Tehran rejected a U.S. proposal to end the conflict and stuck to a list of demands the U.S. president described as "garbage".
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