{"id":410138,"date":"2026-02-11T20:15:00","date_gmt":"2026-02-11T12:15:00","guid":{"rendered":"https:\/\/pingtungtimes.com.tw\/?p=410138"},"modified":"2026-02-11T20:15:00","modified_gmt":"2026-02-11T12:15:00","slug":"adnoc-gas-2025-%e5%b9%b4%e6%b7%a8%e6%94%b6%e7%9b%8a%e9%81%94-52-%e5%84%84%e7%be%8e%e5%85%83%e5%89%b5%e4%b8%8b%e6%96%b0%e9%ab%98","status":"publish","type":"post","link":"https:\/\/pingtungtimes.com.tw\/?p=410138","title":{"rendered":"ADNOC Gas 2025 \u5e74\u6de8\u6536\u76ca\u9054 52 \u5104\u7f8e\u5143\u5275\u4e0b\u65b0\u9ad8"},"content":{"rendered":"<div>\n<table name=\"logo_release\" border=\"0\" cellspacing=\"10\" cellpadding=\"5\" align=\"right\">\n<tbody>\n<tr>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>\u8463\u4e8b\u5c40\u901a\u904e 2025 \u5e74\u5ea6\u7684 36 \u5104\u7f8e\u5143\u80a1\u606f<br \/><\/i><i>2025 \u5e74\uff0c\u570b\u5167\u71c3\u6c23\u696d\u52d9\u8868\u73fe\u5f37\u52c1\uff0c\u92b7\u552e\u91cf\u589e\u9577 4% \u5e36\u52d5 EBITDA \u6309\u5e74\u6500\u5347 10%<br \/><\/i><i>\u5bcc\u6c23\u958b\u767c\u9805\u76ee\u7b2c\u4e8c\u53ca\u7b2c\u4e09\u968e\u6bb5\u7684\u6700\u7d42\u6295\u8cc7\u6c7a\u5b9a\uff0c\u76ee\u6a19\u65bc 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u4f5c\u51fa\uff0c\u4ee5\u5f37\u5316\u9577\u671f\u7522\u80fd\u589e\u9577<\/i><\/p>\n<p><span class=\"legendSpanClass\">\u963f\u806f\u914b\u963f\u5e03\u624e\u6bd4<\/span><span class=\"legendSpanClass\">2026\u5e742\u670811\u65e5<\/span> \/\u7f8e\u901a\u793e\/ &#8212; ADNOC Gas plc \u53ca\u5176\u5b50\u516c\u53f8\uff08\u7d71\u7a31\u300cADNOC Gas\u300d\u6216\u300c\u8a72\u516c\u53f8\u300d\uff09(ADX: ADNOCGAS) (ISIN: AEE01195A234) \u4eca\u65e5\u516c\u4f48\uff0c\u6de8\u6536\u76ca<sup>1<\/sup>\u5275\u4e0b 52 \u5104\u7f8e\u5143\u7684\u7d00\u9304\uff0c\u8f03 2024 \u5e74\u589e\u9577 3%\uff0c\u8db3\u4ee5\u99d5\u99ad\u5546\u54c1\u9031\u671f\uff0c\u696d\u7e3e\u6301\u7e8c\u7a69\u5065\u3002 \u5118\u7ba1\u5e03\u862d\u7279\u539f\u6cb9\u5e73\u5747\u50f9\u683c\u964d\u81f3 69 \u7f8e\u5143\uff0c\u6309\u5e74\u4e0b\u8dcc 14%\uff0c\u4f46\u516c\u53f8\u4ecd\u9304\u5f97\u7834\u7d00\u9304\u7684\u5168\u5e74\u696d\u7e3e\uff0c\u9019\u51f8\u986f\u5176\u9577\u671f\u7b56\u7565\u7684\u5f37\u5927\u6210\u6548\u3002 2025 \u5e74\u6de8\u6536\u76ca\u8868\u73fe\u5f37\u52c1\uff0c\u4e3b\u8981\u52d5\u529b\u4f86\u81ea\u672c\u5730\u71c3\u6c23\u696d\u52d9\uff0c\u5176\u92b7\u552e\u91cf\u6309\u5e74\u589e\u9577 4%\uff0c\u52a0\u4e0a\u5546\u696d\u689d\u6b3e\u6539\u5584\uff0c\u5e36\u52d5 EBITDA \u4e0a\u5347 10%\u3002<\/p>\n<p>ADNOC Gas \u884c\u653f\u7e3d\u88c1 Fatema Al Nuaimi \u8868\u793a\uff1a\u300c2025 \u5e74\uff0c\u662f ADNOC Gas \u95dc\u9375\u7684\u4e00\u5e74\u3002 \u6211\u5011\u5728\u6295\u8cc7\u63a8\u52d5\u589e\u9577\u4e4b\u969b\uff0c\u6536\u76ca\u4ea6\u5275\u4e0b\u65b0\u9ad8\uff0c\u9019\u986f\u793a\u6211\u5011\u696d\u52d9\u5f37\u97cc\u3001\u64f4\u5c55\u529b\u5f37\uff0c\u4e26\u4e14\u8207\u5168\u7403\u5e02\u5834\u7dca\u5bc6\u76f8\u9023\u3002 \u96a8\u8457\u5e02\u5834\u5c0d\u53ef\u9760\u71c3\u6c23\u4f9b\u61c9\u7684\u9700\u6c42\u4e0d\u65b7\u6500\u5347\uff0cADNOC Gas \u5df2\u84c4\u52e2\u5f85\u767c\uff0c\u6191\u8457\u5145\u5206\u4fe1\u5fc3\u53ca\u7a69\u5065\u6b65\u4f10\uff0c\u81f4\u529b\u670d\u52d9\u963f\u806f\u914b\u53ca\u570b\u969b\u5e02\u5834\u3002\u300d<\/p>\n<p>\u5c55\u671b\u672a\u4f86\uff0cADNOC Gas \u6191\u8457\u5176\u7b56\u7565\u4f48\u5c40\uff0c\u5c07\u80fd\u6301\u7e8c\u628a\u63e1 2026 \u5e74\u5f8c\u570b\u5167\u9700\u6c42\u7684\u589e\u9577\u6c23\u52e2\u3002\u6b64\u512a\u52e2\u5efa\u57fa\u65bc\u7b56\u7565\u6027\u57fa\u790e\u5efa\u8a2d\u6295\u8cc7\uff0c\u7576\u4e2d\u5305\u62ec ADNOC Estidama \u71c3\u6c23\u7ba1\u9053\u9805\u76ee\uff0c\u8a72\u9805\u76ee\u4e0d\u50c5\u5c07\u5ef6\u4f38\u4f9b\u61c9\u7db2\u7d61\u81f3\u5317\u90e8\u914b\u9577\u570b\uff0c\u66f4\u70ba\u963f\u806f\u914b\u9054\u81f4\u71c3\u6c23\u81ea\u7d66\u81ea\u8db3\u7684\u9577\u9060\u76ee\u6a19\u5e36\u4f86\u5805\u5be6\u52d5\u529b\u3002 \u5bcc\u6c23\u958b\u767c\u9805\u76ee (RGD) \u7b2c\u4e8c\u53ca\u7b2c\u4e09\u968e\u6bb5\u7684\u6700\u7d42\u6295\u8cc7\u6c7a\u5b9a (FID)\uff0c\u9810\u8a08\u5728 2026 \u5e74\u9996\u5b63\u62cd\u677f\u3002 \u9019\u9805\u64f4\u5efa\u8a08\u5283\u53d7\u60e0\u65bc ADNOC \u4e0a\u6e38\u696d\u52d9\u7684\u589e\u9577\uff0c\u4e43\u4e00\u5927\u95dc\u9375\u9805\u76ee\uff0c\u5c07\u6709\u52a9 ADNOC Gas \u5728 2029 \u5e74\u524d\u5c07\u7e3d\u7522\u80fd\u63d0\u5347 30%\u3002 \u5728\u5168\u7403\u71c3\u6c23\u9700\u6c42\u6301\u7e8c\u4e0a\u5347\u4e4b\u969b\uff0cADNOC Gas \u6b63\u80f8\u6709\u6210\u7af9\u5730\u52a0\u5927\u6295\u8cc7\uff0c\u4e00\u65b9\u9762\u652f\u6301\u963f\u806f\u914b\u80fd\u6e90\u5b89\u5168\uff0c\u53e6\u4e00\u65b9\u9762\u5247\u62d3\u5c55\u570b\u969b\u5e02\u5834\u3002<\/p>\n<p>\u5373\u4f7f\u51fa\u53e3\u5e02\u5834\u50f9\u683c\u8d70\u8edf\uff0c2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u6de8\u6536\u76ca\u4ecd\u6709 12 \u5104\u7f8e\u5143\u3002 \u76f8\u6bd4 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6\uff0cADNOC Gas \u92b7\u552e\u696d\u7e3e\u9304\u5f97 5% \u7684\u589e\u9577\uff0c\u6b64\u4f73\u7e3e\u4e3b\u8981\u6e90\u65bc\u570b\u5167\u71c3\u6c23\u696d\u52d9\u7684\u5f37\u52e2\u5e36\u52d5\uff1b\u5373\u4f7f\u5728 2025 \u5e74\u6700\u5f8c\u4e00\u5b63\u963f\u806f\u914b\u5929\u6c23\u8f03\u70ba\u548c\u6696\u7684\u60c5\u6cc1\u4e0b\uff0c\u5e02\u5834\u9700\u6c42\u4f9d\u7136\u7a69\u56fa\u3002 \u6574\u9ad4\u4f86\u8aaa\uff0c2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u570b\u5167\u8abf\u6574\u5f8c EBITDA \u6309\u5e74\u589e\u9577 6%<sup>2<\/sup>\u3002 \u9700\u6c42\u5f97\u4ee5\u6301\u7e8c\uff0c\u5be6\u5728\u6709\u8cf4\u5f37\u5065\u7684\u5de5\u696d\u9818\u57df\uff0c\u8a72\u9818\u57df\u63a8\u52d5\u963f\u806f\u914b\u5728 2025 \u5e74\u5be6\u73fe\u4e86 4.8% \u7684 GDP<sup>3<\/sup> \u589e\u9577\u3002<\/p>\n<p>2025 \u5e74\uff0c\u96a8\u8457\u6578\u500b\u91cd\u5927\u9805\u76ee\u7a69\u6b65\u63a8\u9032\uff0c\u8cc7\u672c\u958b\u652f\u6500\u5347\u81f3 36 \u5104\u7f8e\u5143\u3002 2025 \u5e74\uff0c\u6211\u5011\u6b63\u5f0f\u555f\u52d5\u5bcc\u6c23\u958b\u767c\u9805\u76ee\u7b2c\u4e00\u968e\u6bb5\uff0c\u85c9\u6b64\u64f4\u5145\u570b\u5167\u71c3\u6c23\u8655\u7406\u80fd\u529b\uff0c\u4e26\u5229\u7528\u65b0\u589e\u7684\u5bcc\u6c23\u8cc7\u6e90\uff0c\u63d0\u5347\u51fa\u53e3\u8cbf\u6613\u6db2\u9ad4\u7684\u7522\u91cf\uff0c\u6b64\u9032\u5c55\u8207 ADNOC Gas \u7684\u7b56\u7565\u90e8\u7f72\u4e00\u8108\u76f8\u627f\u3002<\/p>\n<p>\u7e7c IGD\u2013E2 \u65bc 2025 \u5e74\u6700\u5f8c\u4e00\u5b63\u6295\u7522\u5f8c\uff0cADNOC Estidama \u71c3\u6c23\u7ba1\u9053\u9805\u76ee\u6b63\u6309\u8a08\u5283\u63a8\u9032\uff0c\u65e8\u5728\u70ba\u5317\u90e8\u914b\u9577\u570b\u7684\u5de5\u696d\u53ca\u516c\u7528\u4e8b\u696d\u5ba2\u6236\u63d0\u4f9b\u66f4\u5b8c\u5584\u7684\u4f9b\u61c9\u63a5\u5165\u3002 \u9019\u4e9b\u9805\u76ee\u9f4a\u982d\u4e26\u9032\uff0c\u5171\u540c\u978f\u56fa ADNOC Gas \u4f5c\u70ba\u963f\u806f\u914b\u5de5\u696d\u589e\u9577\u95dc\u9375\u63a8\u52d5\u529b\u91cf\u7684\u5730\u4f4d\uff0c\u4e26\u5efa\u69cb\u9577\u671f\u80fd\u6e90\u5b89\u5168\u7684\u5805\u5be6\u652f\u67f1\u3002<\/p>\n<p>ADNOC Gas \u78ba\u8a8d\uff0c2025 \u8ca1\u653f\u5e74\u5ea6\u80a1\u606f\u7e3d\u984d\u70ba 35.84 \u5104\u7f8e\u5143\u3002\u5177\u9ad4\u800c\u8a00\uff0c17.92 \u5104\u7f8e\u5143\u7684\u4e2d\u671f\u73fe\u91d1\u80a1\u606f\u5df2\u65bc 2025 \u5e74 9 \u6708\u6d3e\u767c\uff1b8.96 \u5104\u7f8e\u5143\u7684\u5b63\u5ea6\u80a1\u606f\u5df2\u65bc 2025 \u5e74 12 \u6708\u6d3e\u767c\uff1b\u81f3\u65bc 8.96 \u5104\u7f8e\u5143\u7684\u672b\u671f\u80a1\u606f\uff0c\u9810\u8a08\u5c07\u65bc 2026 \u5e74 4 \u6708\u6d3e\u767c\uff0c\u6b64\u9805\u6709\u5f85\u80a1\u6771\u5468\u5e74\u5927\u6703 (AGM) \u5be9\u8b70\u6279\u51c6\u3002 2025 \u8ca1\u653f\u5e74\u5ea6\u80a1\u606f\u7b26\u5408\u516c\u53f8\u7a69\u5065\u7684\u6d3e\u606f\u653f\u7b56\uff0c\u5373\u6bcf\u5e74\u589e\u52a0\u5e74\u5ea6\u80a1\u606f 5%\uff0c\u540c\u6642\u4e5f\u53cd\u6620\u516c\u53f8\u81ea\u7531\u73fe\u91d1\u6d41\u5f37\u52c1\uff0c\u8d85\u51fa\u80a1\u606f\u627f\u8afe\u91d1\u984d\u8d85\u904e 5 \u5104\u7f8e\u5143\u3002<\/p>\n<p><b>\u91cd\u8981\u4eae\u9ede\uff1a<\/b><\/p>\n<ul type=\"disc\">\n<li>\u5168\u5e74\u6de8\u6536\u76ca 52 \u5104\u7f8e\u5143\u5275\u4e0b\u65b0\u9ad8\uff0c\u6309\u5e74\u589e\u9577 3%<\/li>\n<li>2025 \u5e74\u8cc7\u672c\u652f\u51fa\u589e\u81f3 36 \u5104\u7f8e\u5143\uff0c\u6309\u5e74\u98c6\u5347 98%<\/li>\n<li>ADNOC Gas \u78ba\u8a8d 2025 \u5e74\u5ea6\u80a1\u606f\u7e3d\u984d\u70ba 35.84 \u5104\u7f8e\u5143<\/li>\n<\/ul>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u767e\u842c\u7f8e\u5143<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024 \u5e74\u7b2c\u56db\u5b63\u5ea6<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2025 \u5e74\u7b2c\u4e09\u5b63\u5ea6<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2025 \u5e74\u7b2c\u56db\u5b63\u5ea6<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b><i>\u6309\u5e74\u767e\u5206\u6bd4<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b><i>\u6309\u5b63\u767e\u5206\u6bd4<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><i>2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u5c0d\u6bd4<br \/>2024 \u5e74\u7b2c\u56db\u5b63\u5ea6<\/i><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><i>2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u5c0d\u6bd4<br \/>2025 \u5e74\u7b2c\u4e09\u5b63\u5ea6<\/i><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><i>2024<\/i><i> <br \/>\u5168\u5e74<\/i><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><i>2025<\/i><i> <br \/>\u5168\u5e74<\/i><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><i>2025 \u8ca1\u653f\u5e74\u5ea6\u8207<br \/>2024 \u8ca1\u653f\u5e74\u5ea6<\/i>\u6bd4\u8f03<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">\u6536\u76ca<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,060<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,931<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,482<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-10\u00a0%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-8\u00a0%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">24,428<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">23,473<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-4\u00a0%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">COGS<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-3,299<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-3,217<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-2,906<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-12\u00a0%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-10\u00a0%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-13,770<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-12,782<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-7\u00a0%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Opex<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-479<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-537<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-533<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11\u00a0%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-1\u00a0%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>-2,009<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>-2,054<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2\u00a0%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>EBITDA<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2,282<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2,178<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2,043<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>-10\u00a0%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>-6\u00a0%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>8,648<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>8,636<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>0\u00a0%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u6de8\u6536\u76ca<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,381<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,338<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,173<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>-15\u00a0%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>-12\u00a0%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>5,001<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>5,166<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>3\u00a0%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>EBITDA \u5229\u6f64\u7387<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>37.7\u00a0%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>36.7\u00a0%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>37.3\u00a0%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-38bps<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">+55bps<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">35.4\u00a0%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">36.8\u00a0%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">+139bps<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u6de8\u6536\u76ca\u5229\u6f64\u7387<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>22.8\u00a0%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>22.6\u00a0%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>21.4\u00a0%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-139bps<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">-115bps<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">20.5\u00a0%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">22.0\u00a0%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">+153bps<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u66ff\u4ee3\u7e3e\u6548\u8a08\u91cf\uff1a<\/p>\n<ul type=\"disc\">\n<li><i>\u4e0a\u8ff0\u8ca1\u52d9\u8cc7\u6599\u5df2\u5305\u62ec ADNOC Gas \u6309\u6b0a\u76ca\u6bd4\u4f8b\u7d9c\u5408\u5408\u8cc7\u4f01\u696d (JV) \u7684\u8ca1\u52d9\u696d\u7e3e\u3002<\/i><\/li>\n<li><i>EBITDA \u5df2\u6309\u6b0a\u76ca\u6bd4\u4f8b\u7d9c\u5408\u5408\u8cc7\u4f01\u696d\u696d\u7e3e\uff0c\u610f\u6307\u606f\u7a05\u6298\u820a\u6524\u92b7\u524d\u6536\u76ca\u3002<\/i><\/li>\n<li><i>\u4e0a\u8ff0\u8ca1\u52d9\u6578\u64da\u8207\u6839\u64da\u570b\u969b\u8ca1\u52d9\u5831\u544a\u6e96\u5247\u7de8\u88fd\u7684\u8ca1\u52d9\u5831\u8868\u4e4b\u9593\u7684\u5c0d\u5e33\u8abf\u6574\uff0c\u5df2\u8f09\u65bc\u7ba1\u7406\u5c64\u8a0e\u8ad6\u53ca\u5206\u6790\u5831\u544a\u3002<\/i><\/li>\n<\/ul>\n<p><sup>1 2025 \u8ca1\u653f\u5e74\u5ea6\u6240\u6709\u696d\u7e3e\u6578\u5b57\u5747\u70ba\u521d\u6b65\u672a\u7d93\u5be9\u6838<\/sup><br \/><sup>2 \u5df2\u5448\u5831\u7684 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6 EBITDA\uff0c\u5df2\u8a08\u5165\u4e00\u9805\u6d89\u53ca\u6574\u500b 2024 \u5e74\u5ea6\u800c\u7e3d\u503c 1.88 \u5104\u7f8e\u5143\u7684\u570b\u5167\u71c3\u6c23\u5408\u7d04\u7e8c\u7d04<\/sup><br \/><sup>3 \u8cc7\u6599\u4f86\u6e90\uff1a\u570b\u969b\u8ca8\u5e63\u57fa\u91d1\u7d44\u7e54\uff0c2025 \u5e74 10 \u6708<\/sup><\/p>\n<p><b>\u8b39\u614e\u8072\u660e\uff1a<\/b><\/p>\n<p>\u672c\u516c\u544a\u8f09\u6709\u6d89\u53ca ADNOC Gas \u8ca1\u52d9\u72c0\u6cc1\u3001\u7d93\u71df\u696d\u7e3e\u53ca\u696d\u52d9\u7684\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u6240\u6709\u975e\u5c6c\u6b77\u53f2\u4e8b\u5be6\u7684\u9673\u8ff0\uff0c\u5747\u5c6c\u6216\u53ef\u80fd\u88ab\u8996\u4f5c\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u524d\u77bb\u6027\u9673\u8ff0\u4e43\u57fa\u65bc\u7ba1\u7406\u5c64\u7576\u524d\u9810\u671f\u8207\u5047\u8a2d\u800c\u4f5c\u51fa\u7684\u672a\u4f86\u9810\u671f\u8868\u8ff0\uff0c\u5176\u6d89\u53ca\u5df2\u77e5\u53ca\u672a\u77e5\u7684\u98a8\u96aa\u8207\u4e0d\u660e\u6717\u56e0\u7d20\uff0c\u53ef\u80fd\u5c0e\u81f4\u5be6\u969b\u696d\u7e3e\u3001\u8868\u73fe\u6216\u4e8b\u4ef6\u8207\u76f8\u95dc\u9673\u8ff0\u6240\u660e\u793a\u6216\u6697\u793a\u8005\u51fa\u73fe\u91cd\u5927\u5dee\u7570\u3002 ADNOC Gas \u4e26\u7121\u7fa9\u52d9\u56e0\u61c9\u65b0\u8cc7\u8a0a\u3001\u672a\u4f86\u4e8b\u4ef6\u6216\u5176\u4ed6\u8cc7\u6599\u800c\u516c\u958b\u66f4\u65b0\u6216\u4fee\u8a02\u4efb\u4f55\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u5be6\u969b\u696d\u7e3e\u53ef\u80fd\u8207\u672c\u516c\u544a\u6240\u8f09\u524d\u77bb\u6027\u9673\u8ff0\u4e2d\u6240\u8ff0\u3001\u6697\u793a\u6216\u63a8\u65b7\u8005\u51fa\u73fe\u91cd\u5927\u5dee\u5225\u3002 \u8b80\u8005\u4e0d\u5b9c\u904e\u5206\u4f9d\u8cf4\u524d\u77bb\u6027\u9673\u8ff0\u3002<\/p>\n<p><b>\u95dc\u65bc ADNOC Gas<\/b><\/p>\n<p>ADNOC Gas \u65bc\u963f\u5e03\u624e\u6bd4\u8b49\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\uff08ADX \u4ee3\u865f\uff1a\u300cADNOCGAS\u300d\/ ISIN\uff1a\u300cAEE01195A234\u300d\uff09\uff0c\u662f\u4e16\u754c\u4e00\u6d41\u7684\u5927\u578b\u7d9c\u5408\u71c3\u6c23\u8655\u7406\u53ca\u92b7\u552e\u4f01\u696d\uff0c\u696d\u52d9\u6db5\u84cb\u6574\u500b\u5929\u7136\u6c23\u50f9\u503c\u93c8\uff1a\u5f9e\u63a5\u6536 ADNOC \u7684\u539f\u6599\u958b\u59cb\uff0c\u900f\u904e\u5927\u578b\u4e14\u58fd\u547d\u9577\u7684\u71c3\u6c23\u8655\u7406\u8207\u5206\u993e\u8a2d\u65bd\u71df\u904b\u696d\u52d9\uff0c\u6700\u7d42\u5c07\u7522\u54c1\u92b7\u552e\u4e88\u570b\u5167\u53ca\u6d77\u5916\u5ba2\u6236\u3002 ADNOC Gas \u70ba\u963f\u806f\u914b\u63d0\u4f9b\u7d04\u516d\u6210\u7684\u92b7\u552e\u71c3\u6c23\u9700\u6c42\uff0c\u540c\u6642\u70ba\u8d85\u904e 20 \u500b\u570b\u5bb6\u7684\u7d42\u7aef\u5ba2\u6236\u4f9b\u61c9\u71c3\u6c23\u3002 \u5982\u6b32\u4e86\u89e3\u66f4\u591a\u8cc7\u8a0a\uff0c\u8acb\u700f\u89bd\uff1a<a href=\"http:\/\/www.adnocgas.ae\/\" target=\"_blank\" rel=\"nofollow\" style=\"color: #0000FF\">www.adnocgas.ae<\/a><\/p>\n<p><b>(X)<\/b> <a href=\"http:\/\/www.x.com\/adnocgas\" target=\"_blank\" rel=\"nofollow\" style=\"color: #0000FF\">@ADNOCGas<\/a><\/p>\n<p><b>\u6709\u95dc\u6295\u8cc7\u8005\u67e5\u8a62\uff0c\u8acb\u806f\u7d61\uff1a<\/b><\/p>\n<p>Richard Griffith<br \/>\u6295\u8cc7\u8005\u95dc\u4fc2\u526f\u7e3d\u88c1<br \/>+971 (2) 6037445<br \/><a href=\"mailto:ir@adnocgas.ae\" target=\"_blank\" rel=\"nofollow\" style=\"color: #0000FF\">ir@adnocgas.ae<\/a>\u00a0<\/p>\n<p><b>\u6709\u95dc\u5a92\u9ad4\u67e5\u8a62\uff0c\u8acb\u806f\u7d61\uff1a<\/b><\/p>\n<p>Colin Joyce<br \/>\u4f01\u696d\u50b3\u8a0a\u526f\u7e3d\u88c1<br \/>+971 (2) 6037444<br \/><a href=\"mailto:media.adg@adnoc.ae\" target=\"_blank\" rel=\"nofollow\" style=\"color: #0000FF\">media.adg@adnoc.ae<\/a><\/p>\n<p>\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u8463\u4e8b\u5c40\u901a\u904e 2025 \u5e74\u5ea6\u7684 &#8230;<\/p>\n","protected":false},"author":16,"featured_media":410139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[40567],"tags":[],"class_list":["post-410138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-40567"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ADNOC Gas 2025 \u5e74\u6de8\u6536\u76ca\u9054 52 \u5104\u7f8e\u5143\u5275\u4e0b\u65b0\u9ad8 - \u5c4f\u6771\u6642\u5831\u96fb\u5b50\u5831<\/title>\n<meta name=\"description\" content=\"\u8463\u4e8b\u5c40\u901a\u904e 2025 \u5e74\u5ea6\u7684 36 \u5104\u7f8e\u5143\u80a1\u606f2025 \u5e74\uff0c\u570b\u5167\u71c3\u6c23\u696d\u52d9\u8868\u73fe\u5f37\u52c1\uff0c\u92b7\u552e\u91cf\u589e\u9577 4% \u5e36\u52d5 EBITDA \u6309\u5e74\u6500\u5347 10%\u5bcc\u6c23\u958b\u767c\u9805\u76ee\u7b2c\u4e8c\u53ca\u7b2c\u4e09\u968e\u6bb5\u7684\u6700\u7d42\u6295\u8cc7\u6c7a\u5b9a\uff0c\u76ee\u6a19\u65bc 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u4f5c\u51fa\uff0c\u4ee5\u5f37\u5316\u9577\u671f\u7522\u80fd\u589e\u9577 \u963f\u806f\u914b\u963f\u5e03\u624e\u6bd42026\u5e742\u670811\u65e5 \/\u7f8e\u901a\u793e\/ -- ADNOC Gas plc \u53ca\u5176\u5b50\u516c\u53f8\uff08\u7d71\u7a31\u300cADNOC Gas\u300d\u6216\u300c\u8a72\u516c\u53f8\u300d\uff09(ADX: ADNOCGAS) (ISIN: AEE01195A234) \u4eca\u65e5\u516c\u4f48\uff0c\u6de8\u6536\u76ca1\u5275\u4e0b 52 \u5104\u7f8e\u5143\u7684\u7d00\u9304\uff0c\u8f03 2024 \u5e74\u589e\u9577 3%\uff0c\u8db3\u4ee5\u99d5\u99ad\u5546\u54c1\u9031\u671f\uff0c\u696d\u7e3e\u6301\u7e8c\u7a69\u5065\u3002 \u5118\u7ba1\u5e03\u862d\u7279\u539f\u6cb9\u5e73\u5747\u50f9\u683c\u964d\u81f3 69 \u7f8e\u5143\uff0c\u6309\u5e74\u4e0b\u8dcc 14%\uff0c\u4f46\u516c\u53f8\u4ecd\u9304\u5f97\u7834\u7d00\u9304\u7684\u5168\u5e74\u696d\u7e3e\uff0c\u9019\u51f8\u986f\u5176\u9577\u671f\u7b56\u7565\u7684\u5f37\u5927\u6210\u6548\u3002 2025 \u5e74\u6de8\u6536\u76ca\u8868\u73fe\u5f37\u52c1\uff0c\u4e3b\u8981\u52d5\u529b\u4f86\u81ea\u672c\u5730\u71c3\u6c23\u696d\u52d9\uff0c\u5176\u92b7\u552e\u91cf\u6309\u5e74\u589e\u9577 4%\uff0c\u52a0\u4e0a\u5546\u696d\u689d\u6b3e\u6539\u5584\uff0c\u5e36\u52d5 EBITDA \u4e0a\u5347 10%\u3002 ADNOC Gas \u884c\u653f\u7e3d\u88c1 Fatema Al Nuaimi \u8868\u793a\uff1a\u300c2025 \u5e74\uff0c\u662f ADNOC Gas \u95dc\u9375\u7684\u4e00\u5e74\u3002 \u6211\u5011\u5728\u6295\u8cc7\u63a8\u52d5\u589e\u9577\u4e4b\u969b\uff0c\u6536\u76ca\u4ea6\u5275\u4e0b\u65b0\u9ad8\uff0c\u9019\u986f\u793a\u6211\u5011\u696d\u52d9\u5f37\u97cc\u3001\u64f4\u5c55\u529b\u5f37\uff0c\u4e26\u4e14\u8207\u5168\u7403\u5e02\u5834\u7dca\u5bc6\u76f8\u9023\u3002 \u96a8\u8457\u5e02\u5834\u5c0d\u53ef\u9760\u71c3\u6c23\u4f9b\u61c9\u7684\u9700\u6c42\u4e0d\u65b7\u6500\u5347\uff0cADNOC Gas \u5df2\u84c4\u52e2\u5f85\u767c\uff0c\u6191\u8457\u5145\u5206\u4fe1\u5fc3\u53ca\u7a69\u5065\u6b65\u4f10\uff0c\u81f4\u529b\u670d\u52d9\u963f\u806f\u914b\u53ca\u570b\u969b\u5e02\u5834\u3002\u300d \u5c55\u671b\u672a\u4f86\uff0cADNOC Gas \u6191\u8457\u5176\u7b56\u7565\u4f48\u5c40\uff0c\u5c07\u80fd\u6301\u7e8c\u628a\u63e1 2026 \u5e74\u5f8c\u570b\u5167\u9700\u6c42\u7684\u589e\u9577\u6c23\u52e2\u3002\u6b64\u512a\u52e2\u5efa\u57fa\u65bc\u7b56\u7565\u6027\u57fa\u790e\u5efa\u8a2d\u6295\u8cc7\uff0c\u7576\u4e2d\u5305\u62ec ADNOC Estidama \u71c3\u6c23\u7ba1\u9053\u9805\u76ee\uff0c\u8a72\u9805\u76ee\u4e0d\u50c5\u5c07\u5ef6\u4f38\u4f9b\u61c9\u7db2\u7d61\u81f3\u5317\u90e8\u914b\u9577\u570b\uff0c\u66f4\u70ba\u963f\u806f\u914b\u9054\u81f4\u71c3\u6c23\u81ea\u7d66\u81ea\u8db3\u7684\u9577\u9060\u76ee\u6a19\u5e36\u4f86\u5805\u5be6\u52d5\u529b\u3002 \u5bcc\u6c23\u958b\u767c\u9805\u76ee (RGD) \u7b2c\u4e8c\u53ca\u7b2c\u4e09\u968e\u6bb5\u7684\u6700\u7d42\u6295\u8cc7\u6c7a\u5b9a (FID)\uff0c\u9810\u8a08\u5728 2026 \u5e74\u9996\u5b63\u62cd\u677f\u3002 \u9019\u9805\u64f4\u5efa\u8a08\u5283\u53d7\u60e0\u65bc ADNOC \u4e0a\u6e38\u696d\u52d9\u7684\u589e\u9577\uff0c\u4e43\u4e00\u5927\u95dc\u9375\u9805\u76ee\uff0c\u5c07\u6709\u52a9 ADNOC Gas \u5728 2029 \u5e74\u524d\u5c07\u7e3d\u7522\u80fd\u63d0\u5347 30%\u3002 \u5728\u5168\u7403\u71c3\u6c23\u9700\u6c42\u6301\u7e8c\u4e0a\u5347\u4e4b\u969b\uff0cADNOC Gas \u6b63\u80f8\u6709\u6210\u7af9\u5730\u52a0\u5927\u6295\u8cc7\uff0c\u4e00\u65b9\u9762\u652f\u6301\u963f\u806f\u914b\u80fd\u6e90\u5b89\u5168\uff0c\u53e6\u4e00\u65b9\u9762\u5247\u62d3\u5c55\u570b\u969b\u5e02\u5834\u3002 \u5373\u4f7f\u51fa\u53e3\u5e02\u5834\u50f9\u683c\u8d70\u8edf\uff0c2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u6de8\u6536\u76ca\u4ecd\u6709 12 \u5104\u7f8e\u5143\u3002 \u76f8\u6bd4 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6\uff0cADNOC Gas \u92b7\u552e\u696d\u7e3e\u9304\u5f97 5% \u7684\u589e\u9577\uff0c\u6b64\u4f73\u7e3e\u4e3b\u8981\u6e90\u65bc\u570b\u5167\u71c3\u6c23\u696d\u52d9\u7684\u5f37\u52e2\u5e36\u52d5\uff1b\u5373\u4f7f\u5728 2025 \u5e74\u6700\u5f8c\u4e00\u5b63\u963f\u806f\u914b\u5929\u6c23\u8f03\u70ba\u548c\u6696\u7684\u60c5\u6cc1\u4e0b\uff0c\u5e02\u5834\u9700\u6c42\u4f9d\u7136\u7a69\u56fa\u3002 \u6574\u9ad4\u4f86\u8aaa\uff0c2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u570b\u5167\u8abf\u6574\u5f8c EBITDA \u6309\u5e74\u589e\u9577 6%2\u3002 \u9700\u6c42\u5f97\u4ee5\u6301\u7e8c\uff0c\u5be6\u5728\u6709\u8cf4\u5f37\u5065\u7684\u5de5\u696d\u9818\u57df\uff0c\u8a72\u9818\u57df\u63a8\u52d5\u963f\u806f\u914b\u5728 2025 \u5e74\u5be6\u73fe\u4e86 4.8% \u7684 GDP3 \u589e\u9577\u3002 2025 \u5e74\uff0c\u96a8\u8457\u6578\u500b\u91cd\u5927\u9805\u76ee\u7a69\u6b65\u63a8\u9032\uff0c\u8cc7\u672c\u958b\u652f\u6500\u5347\u81f3 36 \u5104\u7f8e\u5143\u3002 2025 \u5e74\uff0c\u6211\u5011\u6b63\u5f0f\u555f\u52d5\u5bcc\u6c23\u958b\u767c\u9805\u76ee\u7b2c\u4e00\u968e\u6bb5\uff0c\u85c9\u6b64\u64f4\u5145\u570b\u5167\u71c3\u6c23\u8655\u7406\u80fd\u529b\uff0c\u4e26\u5229\u7528\u65b0\u589e\u7684\u5bcc\u6c23\u8cc7\u6e90\uff0c\u63d0\u5347\u51fa\u53e3\u8cbf\u6613\u6db2\u9ad4\u7684\u7522\u91cf\uff0c\u6b64\u9032\u5c55\u8207 ADNOC Gas \u7684\u7b56\u7565\u90e8\u7f72\u4e00\u8108\u76f8\u627f\u3002 \u7e7c IGD\u2013E2 \u65bc 2025 \u5e74\u6700\u5f8c\u4e00\u5b63\u6295\u7522\u5f8c\uff0cADNOC Estidama \u71c3\u6c23\u7ba1\u9053\u9805\u76ee\u6b63\u6309\u8a08\u5283\u63a8\u9032\uff0c\u65e8\u5728\u70ba\u5317\u90e8\u914b\u9577\u570b\u7684\u5de5\u696d\u53ca\u516c\u7528\u4e8b\u696d\u5ba2\u6236\u63d0\u4f9b\u66f4\u5b8c\u5584\u7684\u4f9b\u61c9\u63a5\u5165\u3002 \u9019\u4e9b\u9805\u76ee\u9f4a\u982d\u4e26\u9032\uff0c\u5171\u540c\u978f\u56fa ADNOC Gas \u4f5c\u70ba\u963f\u806f\u914b\u5de5\u696d\u589e\u9577\u95dc\u9375\u63a8\u52d5\u529b\u91cf\u7684\u5730\u4f4d\uff0c\u4e26\u5efa\u69cb\u9577\u671f\u80fd\u6e90\u5b89\u5168\u7684\u5805\u5be6\u652f\u67f1\u3002 ADNOC Gas \u78ba\u8a8d\uff0c2025 \u8ca1\u653f\u5e74\u5ea6\u80a1\u606f\u7e3d\u984d\u70ba 35.84 \u5104\u7f8e\u5143\u3002\u5177\u9ad4\u800c\u8a00\uff0c17.92 \u5104\u7f8e\u5143\u7684\u4e2d\u671f\u73fe\u91d1\u80a1\u606f\u5df2\u65bc 2025 \u5e74 9 \u6708\u6d3e\u767c\uff1b8.96 \u5104\u7f8e\u5143\u7684\u5b63\u5ea6\u80a1\u606f\u5df2\u65bc 2025 \u5e74 12 \u6708\u6d3e\u767c\uff1b\u81f3\u65bc 8.96 \u5104\u7f8e\u5143\u7684\u672b\u671f\u80a1\u606f\uff0c\u9810\u8a08\u5c07\u65bc 2026 \u5e74 4 \u6708\u6d3e\u767c\uff0c\u6b64\u9805\u6709\u5f85\u80a1\u6771\u5468\u5e74\u5927\u6703 (AGM) \u5be9\u8b70\u6279\u51c6\u3002 2025 \u8ca1\u653f\u5e74\u5ea6\u80a1\u606f\u7b26\u5408\u516c\u53f8\u7a69\u5065\u7684\u6d3e\u606f\u653f\u7b56\uff0c\u5373\u6bcf\u5e74\u589e\u52a0\u5e74\u5ea6\u80a1\u606f 5%\uff0c\u540c\u6642\u4e5f\u53cd\u6620\u516c\u53f8\u81ea\u7531\u73fe\u91d1\u6d41\u5f37\u52c1\uff0c\u8d85\u51fa\u80a1\u606f\u627f\u8afe\u91d1\u984d\u8d85\u904e 5 \u5104\u7f8e\u5143\u3002 \u91cd\u8981\u4eae\u9ede\uff1a   \u5168\u5e74\u6de8\u6536\u76ca 52 \u5104\u7f8e\u5143\u5275\u4e0b\u65b0\u9ad8\uff0c\u6309\u5e74\u589e\u9577 3%  2025 \u5e74\u8cc7\u672c\u652f\u51fa\u589e\u81f3 36 \u5104\u7f8e\u5143\uff0c\u6309\u5e74\u98c6\u5347 98%  ADNOC Gas \u78ba\u8a8d 2025 \u5e74\u5ea6\u80a1\u606f\u7e3d\u984d\u70ba 35.84 \u5104\u7f8e\u5143           \u767e\u842c\u7f8e\u5143   2024 \u5e74\u7b2c\u56db\u5b63\u5ea6   2025 \u5e74\u7b2c\u4e09\u5b63\u5ea6   2025 \u5e74\u7b2c\u56db\u5b63\u5ea6   \u6309\u5e74\u767e\u5206\u6bd4   \u6309\u5b63\u767e\u5206\u6bd4                                2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u5c0d\u6bd42024 \u5e74\u7b2c\u56db\u5b63\u5ea6   2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u5c0d\u6bd42025 \u5e74\u7b2c\u4e09\u5b63\u5ea6   2024 \u5168\u5e74   2025 \u5168\u5e74   2025 \u8ca1\u653f\u5e74\u5ea6\u82072024 \u8ca1\u653f\u5e74\u5ea6\u6bd4\u8f03        \u6536\u76ca   6,060   5,931   5,482   -10\u00a0%   -8\u00a0%   24,428   23,473   -4\u00a0%        COGS   -3,299   -3,217   -2,906   -12\u00a0%   -10\u00a0%   -13,770   -12,782   -7\u00a0%        Opex   -479   -537   -533   11\u00a0%   -1\u00a0%   -2,009   -2,054   2\u00a0%        EBITDA   2,282   2,178   2,043   -10\u00a0%   -6\u00a0%   8,648   8,636   0\u00a0%        \u6de8\u6536\u76ca   1,381   1,338   1,173   -15\u00a0%   -12\u00a0%   5,001   5,166   3\u00a0%        EBITDA \u5229\u6f64\u7387   37.7\u00a0%   36.7\u00a0%   37.3\u00a0%   -38bps   +55bps   35.4\u00a0%   36.8\u00a0%   +139bps        \u6de8\u6536\u76ca\u5229\u6f64\u7387   22.8\u00a0%   22.6\u00a0%   21.4\u00a0%   -139bps   -115bps   20.5\u00a0%   22.0\u00a0%   +153bps        \u66ff\u4ee3\u7e3e\u6548\u8a08\u91cf\uff1a   \u4e0a\u8ff0\u8ca1\u52d9\u8cc7\u6599\u5df2\u5305\u62ec ADNOC Gas \u6309\u6b0a\u76ca\u6bd4\u4f8b\u7d9c\u5408\u5408\u8cc7\u4f01\u696d (JV) \u7684\u8ca1\u52d9\u696d\u7e3e\u3002  EBITDA \u5df2\u6309\u6b0a\u76ca\u6bd4\u4f8b\u7d9c\u5408\u5408\u8cc7\u4f01\u696d\u696d\u7e3e\uff0c\u610f\u6307\u606f\u7a05\u6298\u820a\u6524\u92b7\u524d\u6536\u76ca\u3002  \u4e0a\u8ff0\u8ca1\u52d9\u6578\u64da\u8207\u6839\u64da\u570b\u969b\u8ca1\u52d9\u5831\u544a\u6e96\u5247\u7de8\u88fd\u7684\u8ca1\u52d9\u5831\u8868\u4e4b\u9593\u7684\u5c0d\u5e33\u8abf\u6574\uff0c\u5df2\u8f09\u65bc\u7ba1\u7406\u5c64\u8a0e\u8ad6\u53ca\u5206\u6790\u5831\u544a\u3002  1 2025 \u8ca1\u653f\u5e74\u5ea6\u6240\u6709\u696d\u7e3e\u6578\u5b57\u5747\u70ba\u521d\u6b65\u672a\u7d93\u5be9\u68382 \u5df2\u5448\u5831\u7684 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6 EBITDA\uff0c\u5df2\u8a08\u5165\u4e00\u9805\u6d89\u53ca\u6574\u500b 2024 \u5e74\u5ea6\u800c\u7e3d\u503c 1.88 \u5104\u7f8e\u5143\u7684\u570b\u5167\u71c3\u6c23\u5408\u7d04\u7e8c\u7d043 \u8cc7\u6599\u4f86\u6e90\uff1a\u570b\u969b\u8ca8\u5e63\u57fa\u91d1\u7d44\u7e54\uff0c2025 \u5e74 10 \u6708 \u8b39\u614e\u8072\u660e\uff1a \u672c\u516c\u544a\u8f09\u6709\u6d89\u53ca ADNOC Gas \u8ca1\u52d9\u72c0\u6cc1\u3001\u7d93\u71df\u696d\u7e3e\u53ca\u696d\u52d9\u7684\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u6240\u6709\u975e\u5c6c\u6b77\u53f2\u4e8b\u5be6\u7684\u9673\u8ff0\uff0c\u5747\u5c6c\u6216\u53ef\u80fd\u88ab\u8996\u4f5c\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u524d\u77bb\u6027\u9673\u8ff0\u4e43\u57fa\u65bc\u7ba1\u7406\u5c64\u7576\u524d\u9810\u671f\u8207\u5047\u8a2d\u800c\u4f5c\u51fa\u7684\u672a\u4f86\u9810\u671f\u8868\u8ff0\uff0c\u5176\u6d89\u53ca\u5df2\u77e5\u53ca\u672a\u77e5\u7684\u98a8\u96aa\u8207\u4e0d\u660e\u6717\u56e0\u7d20\uff0c\u53ef\u80fd\u5c0e\u81f4\u5be6\u969b\u696d\u7e3e\u3001\u8868\u73fe\u6216\u4e8b\u4ef6\u8207\u76f8\u95dc\u9673\u8ff0\u6240\u660e\u793a\u6216\u6697\u793a\u8005\u51fa\u73fe\u91cd\u5927\u5dee\u7570\u3002 ADNOC Gas \u4e26\u7121\u7fa9\u52d9\u56e0\u61c9\u65b0\u8cc7\u8a0a\u3001\u672a\u4f86\u4e8b\u4ef6\u6216\u5176\u4ed6\u8cc7\u6599\u800c\u516c\u958b\u66f4\u65b0\u6216\u4fee\u8a02\u4efb\u4f55\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u5be6\u969b\u696d\u7e3e\u53ef\u80fd\u8207\u672c\u516c\u544a\u6240\u8f09\u524d\u77bb\u6027\u9673\u8ff0\u4e2d\u6240\u8ff0\u3001\u6697\u793a\u6216\u63a8\u65b7\u8005\u51fa\u73fe\u91cd\u5927\u5dee\u5225\u3002 \u8b80\u8005\u4e0d\u5b9c\u904e\u5206\u4f9d\u8cf4\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u95dc\u65bc ADNOC Gas ADNOC Gas \u65bc\u963f\u5e03\u624e\u6bd4\u8b49\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\uff08ADX \u4ee3\u865f\uff1a\u300cADNOCGAS\u300d\/ ISIN\uff1a\u300cAEE01195A234\u300d\uff09\uff0c\u662f\u4e16\u754c\u4e00\u6d41\u7684\u5927\u578b\u7d9c\u5408\u71c3\u6c23\u8655\u7406\u53ca\u92b7\u552e\u4f01\u696d\uff0c\u696d\u52d9\u6db5\u84cb\u6574\u500b\u5929\u7136\u6c23\u50f9\u503c\u93c8\uff1a\u5f9e\u63a5\u6536 ADNOC \u7684\u539f\u6599\u958b\u59cb\uff0c\u900f\u904e\u5927\u578b\u4e14\u58fd\u547d\u9577\u7684\u71c3\u6c23\u8655\u7406\u8207\u5206\u993e\u8a2d\u65bd\u71df\u904b\u696d\u52d9\uff0c\u6700\u7d42\u5c07\u7522\u54c1\u92b7\u552e\u4e88\u570b\u5167\u53ca\u6d77\u5916\u5ba2\u6236\u3002 ADNOC Gas \u70ba\u963f\u806f\u914b\u63d0\u4f9b\u7d04\u516d\u6210\u7684\u92b7\u552e\u71c3\u6c23\u9700\u6c42\uff0c\u540c\u6642\u70ba\u8d85\u904e 20 \u500b\u570b\u5bb6\u7684\u7d42\u7aef\u5ba2\u6236\u4f9b\u61c9\u71c3\u6c23\u3002 \u5982\u6b32\u4e86\u89e3\u66f4\u591a\u8cc7\u8a0a\uff0c\u8acb\u700f\u89bd\uff1awww.adnocgas.ae (X) @ADNOCGas \u6709\u95dc\u6295\u8cc7\u8005\u67e5\u8a62\uff0c\u8acb\u806f\u7d61\uff1a Richard Griffith\u6295\u8cc7\u8005\u95dc\u4fc2\u526f\u7e3d\u88c1+971 (2) 6037445ir@adnocgas.ae\u00a0 \u6709\u95dc\u5a92\u9ad4\u67e5\u8a62\uff0c\u8acb\u806f\u7d61\uff1a Colin Joyce\u4f01\u696d\u50b3\u8a0a\u526f\u7e3d\u88c1+971 (2) 6037444media.adg@adnoc.ae \u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pingtungtimes.com.tw\/?p=410138\" \/>\n<meta property=\"og:locale\" content=\"zh_TW\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADNOC Gas 2025 \u5e74\u6de8\u6536\u76ca\u9054 52 \u5104\u7f8e\u5143\u5275\u4e0b\u65b0\u9ad8 - \u5c4f\u6771\u6642\u5831\u96fb\u5b50\u5831\" \/>\n<meta property=\"og:description\" content=\"\u8463\u4e8b\u5c40\u901a\u904e 2025 \u5e74\u5ea6\u7684 36 \u5104\u7f8e\u5143\u80a1\u606f2025 \u5e74\uff0c\u570b\u5167\u71c3\u6c23\u696d\u52d9\u8868\u73fe\u5f37\u52c1\uff0c\u92b7\u552e\u91cf\u589e\u9577 4% \u5e36\u52d5 EBITDA \u6309\u5e74\u6500\u5347 10%\u5bcc\u6c23\u958b\u767c\u9805\u76ee\u7b2c\u4e8c\u53ca\u7b2c\u4e09\u968e\u6bb5\u7684\u6700\u7d42\u6295\u8cc7\u6c7a\u5b9a\uff0c\u76ee\u6a19\u65bc 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u4f5c\u51fa\uff0c\u4ee5\u5f37\u5316\u9577\u671f\u7522\u80fd\u589e\u9577 \u963f\u806f\u914b\u963f\u5e03\u624e\u6bd42026\u5e742\u670811\u65e5 \/\u7f8e\u901a\u793e\/ -- ADNOC Gas plc \u53ca\u5176\u5b50\u516c\u53f8\uff08\u7d71\u7a31\u300cADNOC Gas\u300d\u6216\u300c\u8a72\u516c\u53f8\u300d\uff09(ADX: ADNOCGAS) (ISIN: AEE01195A234) \u4eca\u65e5\u516c\u4f48\uff0c\u6de8\u6536\u76ca1\u5275\u4e0b 52 \u5104\u7f8e\u5143\u7684\u7d00\u9304\uff0c\u8f03 2024 \u5e74\u589e\u9577 3%\uff0c\u8db3\u4ee5\u99d5\u99ad\u5546\u54c1\u9031\u671f\uff0c\u696d\u7e3e\u6301\u7e8c\u7a69\u5065\u3002 \u5118\u7ba1\u5e03\u862d\u7279\u539f\u6cb9\u5e73\u5747\u50f9\u683c\u964d\u81f3 69 \u7f8e\u5143\uff0c\u6309\u5e74\u4e0b\u8dcc 14%\uff0c\u4f46\u516c\u53f8\u4ecd\u9304\u5f97\u7834\u7d00\u9304\u7684\u5168\u5e74\u696d\u7e3e\uff0c\u9019\u51f8\u986f\u5176\u9577\u671f\u7b56\u7565\u7684\u5f37\u5927\u6210\u6548\u3002 2025 \u5e74\u6de8\u6536\u76ca\u8868\u73fe\u5f37\u52c1\uff0c\u4e3b\u8981\u52d5\u529b\u4f86\u81ea\u672c\u5730\u71c3\u6c23\u696d\u52d9\uff0c\u5176\u92b7\u552e\u91cf\u6309\u5e74\u589e\u9577 4%\uff0c\u52a0\u4e0a\u5546\u696d\u689d\u6b3e\u6539\u5584\uff0c\u5e36\u52d5 EBITDA \u4e0a\u5347 10%\u3002 ADNOC Gas \u884c\u653f\u7e3d\u88c1 Fatema Al Nuaimi \u8868\u793a\uff1a\u300c2025 \u5e74\uff0c\u662f ADNOC Gas \u95dc\u9375\u7684\u4e00\u5e74\u3002 \u6211\u5011\u5728\u6295\u8cc7\u63a8\u52d5\u589e\u9577\u4e4b\u969b\uff0c\u6536\u76ca\u4ea6\u5275\u4e0b\u65b0\u9ad8\uff0c\u9019\u986f\u793a\u6211\u5011\u696d\u52d9\u5f37\u97cc\u3001\u64f4\u5c55\u529b\u5f37\uff0c\u4e26\u4e14\u8207\u5168\u7403\u5e02\u5834\u7dca\u5bc6\u76f8\u9023\u3002 \u96a8\u8457\u5e02\u5834\u5c0d\u53ef\u9760\u71c3\u6c23\u4f9b\u61c9\u7684\u9700\u6c42\u4e0d\u65b7\u6500\u5347\uff0cADNOC Gas \u5df2\u84c4\u52e2\u5f85\u767c\uff0c\u6191\u8457\u5145\u5206\u4fe1\u5fc3\u53ca\u7a69\u5065\u6b65\u4f10\uff0c\u81f4\u529b\u670d\u52d9\u963f\u806f\u914b\u53ca\u570b\u969b\u5e02\u5834\u3002\u300d \u5c55\u671b\u672a\u4f86\uff0cADNOC Gas \u6191\u8457\u5176\u7b56\u7565\u4f48\u5c40\uff0c\u5c07\u80fd\u6301\u7e8c\u628a\u63e1 2026 \u5e74\u5f8c\u570b\u5167\u9700\u6c42\u7684\u589e\u9577\u6c23\u52e2\u3002\u6b64\u512a\u52e2\u5efa\u57fa\u65bc\u7b56\u7565\u6027\u57fa\u790e\u5efa\u8a2d\u6295\u8cc7\uff0c\u7576\u4e2d\u5305\u62ec ADNOC Estidama \u71c3\u6c23\u7ba1\u9053\u9805\u76ee\uff0c\u8a72\u9805\u76ee\u4e0d\u50c5\u5c07\u5ef6\u4f38\u4f9b\u61c9\u7db2\u7d61\u81f3\u5317\u90e8\u914b\u9577\u570b\uff0c\u66f4\u70ba\u963f\u806f\u914b\u9054\u81f4\u71c3\u6c23\u81ea\u7d66\u81ea\u8db3\u7684\u9577\u9060\u76ee\u6a19\u5e36\u4f86\u5805\u5be6\u52d5\u529b\u3002 \u5bcc\u6c23\u958b\u767c\u9805\u76ee (RGD) \u7b2c\u4e8c\u53ca\u7b2c\u4e09\u968e\u6bb5\u7684\u6700\u7d42\u6295\u8cc7\u6c7a\u5b9a (FID)\uff0c\u9810\u8a08\u5728 2026 \u5e74\u9996\u5b63\u62cd\u677f\u3002 \u9019\u9805\u64f4\u5efa\u8a08\u5283\u53d7\u60e0\u65bc ADNOC \u4e0a\u6e38\u696d\u52d9\u7684\u589e\u9577\uff0c\u4e43\u4e00\u5927\u95dc\u9375\u9805\u76ee\uff0c\u5c07\u6709\u52a9 ADNOC Gas \u5728 2029 \u5e74\u524d\u5c07\u7e3d\u7522\u80fd\u63d0\u5347 30%\u3002 \u5728\u5168\u7403\u71c3\u6c23\u9700\u6c42\u6301\u7e8c\u4e0a\u5347\u4e4b\u969b\uff0cADNOC Gas \u6b63\u80f8\u6709\u6210\u7af9\u5730\u52a0\u5927\u6295\u8cc7\uff0c\u4e00\u65b9\u9762\u652f\u6301\u963f\u806f\u914b\u80fd\u6e90\u5b89\u5168\uff0c\u53e6\u4e00\u65b9\u9762\u5247\u62d3\u5c55\u570b\u969b\u5e02\u5834\u3002 \u5373\u4f7f\u51fa\u53e3\u5e02\u5834\u50f9\u683c\u8d70\u8edf\uff0c2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u6de8\u6536\u76ca\u4ecd\u6709 12 \u5104\u7f8e\u5143\u3002 \u76f8\u6bd4 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6\uff0cADNOC Gas \u92b7\u552e\u696d\u7e3e\u9304\u5f97 5% \u7684\u589e\u9577\uff0c\u6b64\u4f73\u7e3e\u4e3b\u8981\u6e90\u65bc\u570b\u5167\u71c3\u6c23\u696d\u52d9\u7684\u5f37\u52e2\u5e36\u52d5\uff1b\u5373\u4f7f\u5728 2025 \u5e74\u6700\u5f8c\u4e00\u5b63\u963f\u806f\u914b\u5929\u6c23\u8f03\u70ba\u548c\u6696\u7684\u60c5\u6cc1\u4e0b\uff0c\u5e02\u5834\u9700\u6c42\u4f9d\u7136\u7a69\u56fa\u3002 \u6574\u9ad4\u4f86\u8aaa\uff0c2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u570b\u5167\u8abf\u6574\u5f8c EBITDA \u6309\u5e74\u589e\u9577 6%2\u3002 \u9700\u6c42\u5f97\u4ee5\u6301\u7e8c\uff0c\u5be6\u5728\u6709\u8cf4\u5f37\u5065\u7684\u5de5\u696d\u9818\u57df\uff0c\u8a72\u9818\u57df\u63a8\u52d5\u963f\u806f\u914b\u5728 2025 \u5e74\u5be6\u73fe\u4e86 4.8% \u7684 GDP3 \u589e\u9577\u3002 2025 \u5e74\uff0c\u96a8\u8457\u6578\u500b\u91cd\u5927\u9805\u76ee\u7a69\u6b65\u63a8\u9032\uff0c\u8cc7\u672c\u958b\u652f\u6500\u5347\u81f3 36 \u5104\u7f8e\u5143\u3002 2025 \u5e74\uff0c\u6211\u5011\u6b63\u5f0f\u555f\u52d5\u5bcc\u6c23\u958b\u767c\u9805\u76ee\u7b2c\u4e00\u968e\u6bb5\uff0c\u85c9\u6b64\u64f4\u5145\u570b\u5167\u71c3\u6c23\u8655\u7406\u80fd\u529b\uff0c\u4e26\u5229\u7528\u65b0\u589e\u7684\u5bcc\u6c23\u8cc7\u6e90\uff0c\u63d0\u5347\u51fa\u53e3\u8cbf\u6613\u6db2\u9ad4\u7684\u7522\u91cf\uff0c\u6b64\u9032\u5c55\u8207 ADNOC Gas \u7684\u7b56\u7565\u90e8\u7f72\u4e00\u8108\u76f8\u627f\u3002 \u7e7c IGD\u2013E2 \u65bc 2025 \u5e74\u6700\u5f8c\u4e00\u5b63\u6295\u7522\u5f8c\uff0cADNOC Estidama \u71c3\u6c23\u7ba1\u9053\u9805\u76ee\u6b63\u6309\u8a08\u5283\u63a8\u9032\uff0c\u65e8\u5728\u70ba\u5317\u90e8\u914b\u9577\u570b\u7684\u5de5\u696d\u53ca\u516c\u7528\u4e8b\u696d\u5ba2\u6236\u63d0\u4f9b\u66f4\u5b8c\u5584\u7684\u4f9b\u61c9\u63a5\u5165\u3002 \u9019\u4e9b\u9805\u76ee\u9f4a\u982d\u4e26\u9032\uff0c\u5171\u540c\u978f\u56fa ADNOC Gas \u4f5c\u70ba\u963f\u806f\u914b\u5de5\u696d\u589e\u9577\u95dc\u9375\u63a8\u52d5\u529b\u91cf\u7684\u5730\u4f4d\uff0c\u4e26\u5efa\u69cb\u9577\u671f\u80fd\u6e90\u5b89\u5168\u7684\u5805\u5be6\u652f\u67f1\u3002 ADNOC Gas \u78ba\u8a8d\uff0c2025 \u8ca1\u653f\u5e74\u5ea6\u80a1\u606f\u7e3d\u984d\u70ba 35.84 \u5104\u7f8e\u5143\u3002\u5177\u9ad4\u800c\u8a00\uff0c17.92 \u5104\u7f8e\u5143\u7684\u4e2d\u671f\u73fe\u91d1\u80a1\u606f\u5df2\u65bc 2025 \u5e74 9 \u6708\u6d3e\u767c\uff1b8.96 \u5104\u7f8e\u5143\u7684\u5b63\u5ea6\u80a1\u606f\u5df2\u65bc 2025 \u5e74 12 \u6708\u6d3e\u767c\uff1b\u81f3\u65bc 8.96 \u5104\u7f8e\u5143\u7684\u672b\u671f\u80a1\u606f\uff0c\u9810\u8a08\u5c07\u65bc 2026 \u5e74 4 \u6708\u6d3e\u767c\uff0c\u6b64\u9805\u6709\u5f85\u80a1\u6771\u5468\u5e74\u5927\u6703 (AGM) \u5be9\u8b70\u6279\u51c6\u3002 2025 \u8ca1\u653f\u5e74\u5ea6\u80a1\u606f\u7b26\u5408\u516c\u53f8\u7a69\u5065\u7684\u6d3e\u606f\u653f\u7b56\uff0c\u5373\u6bcf\u5e74\u589e\u52a0\u5e74\u5ea6\u80a1\u606f 5%\uff0c\u540c\u6642\u4e5f\u53cd\u6620\u516c\u53f8\u81ea\u7531\u73fe\u91d1\u6d41\u5f37\u52c1\uff0c\u8d85\u51fa\u80a1\u606f\u627f\u8afe\u91d1\u984d\u8d85\u904e 5 \u5104\u7f8e\u5143\u3002 \u91cd\u8981\u4eae\u9ede\uff1a   \u5168\u5e74\u6de8\u6536\u76ca 52 \u5104\u7f8e\u5143\u5275\u4e0b\u65b0\u9ad8\uff0c\u6309\u5e74\u589e\u9577 3%  2025 \u5e74\u8cc7\u672c\u652f\u51fa\u589e\u81f3 36 \u5104\u7f8e\u5143\uff0c\u6309\u5e74\u98c6\u5347 98%  ADNOC Gas \u78ba\u8a8d 2025 \u5e74\u5ea6\u80a1\u606f\u7e3d\u984d\u70ba 35.84 \u5104\u7f8e\u5143           \u767e\u842c\u7f8e\u5143   2024 \u5e74\u7b2c\u56db\u5b63\u5ea6   2025 \u5e74\u7b2c\u4e09\u5b63\u5ea6   2025 \u5e74\u7b2c\u56db\u5b63\u5ea6   \u6309\u5e74\u767e\u5206\u6bd4   \u6309\u5b63\u767e\u5206\u6bd4                                2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u5c0d\u6bd42024 \u5e74\u7b2c\u56db\u5b63\u5ea6   2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u5c0d\u6bd42025 \u5e74\u7b2c\u4e09\u5b63\u5ea6   2024 \u5168\u5e74   2025 \u5168\u5e74   2025 \u8ca1\u653f\u5e74\u5ea6\u82072024 \u8ca1\u653f\u5e74\u5ea6\u6bd4\u8f03        \u6536\u76ca   6,060   5,931   5,482   -10\u00a0%   -8\u00a0%   24,428   23,473   -4\u00a0%        COGS   -3,299   -3,217   -2,906   -12\u00a0%   -10\u00a0%   -13,770   -12,782   -7\u00a0%        Opex   -479   -537   -533   11\u00a0%   -1\u00a0%   -2,009   -2,054   2\u00a0%        EBITDA   2,282   2,178   2,043   -10\u00a0%   -6\u00a0%   8,648   8,636   0\u00a0%        \u6de8\u6536\u76ca   1,381   1,338   1,173   -15\u00a0%   -12\u00a0%   5,001   5,166   3\u00a0%        EBITDA \u5229\u6f64\u7387   37.7\u00a0%   36.7\u00a0%   37.3\u00a0%   -38bps   +55bps   35.4\u00a0%   36.8\u00a0%   +139bps        \u6de8\u6536\u76ca\u5229\u6f64\u7387   22.8\u00a0%   22.6\u00a0%   21.4\u00a0%   -139bps   -115bps   20.5\u00a0%   22.0\u00a0%   +153bps        \u66ff\u4ee3\u7e3e\u6548\u8a08\u91cf\uff1a   \u4e0a\u8ff0\u8ca1\u52d9\u8cc7\u6599\u5df2\u5305\u62ec ADNOC Gas \u6309\u6b0a\u76ca\u6bd4\u4f8b\u7d9c\u5408\u5408\u8cc7\u4f01\u696d (JV) \u7684\u8ca1\u52d9\u696d\u7e3e\u3002  EBITDA \u5df2\u6309\u6b0a\u76ca\u6bd4\u4f8b\u7d9c\u5408\u5408\u8cc7\u4f01\u696d\u696d\u7e3e\uff0c\u610f\u6307\u606f\u7a05\u6298\u820a\u6524\u92b7\u524d\u6536\u76ca\u3002  \u4e0a\u8ff0\u8ca1\u52d9\u6578\u64da\u8207\u6839\u64da\u570b\u969b\u8ca1\u52d9\u5831\u544a\u6e96\u5247\u7de8\u88fd\u7684\u8ca1\u52d9\u5831\u8868\u4e4b\u9593\u7684\u5c0d\u5e33\u8abf\u6574\uff0c\u5df2\u8f09\u65bc\u7ba1\u7406\u5c64\u8a0e\u8ad6\u53ca\u5206\u6790\u5831\u544a\u3002  1 2025 \u8ca1\u653f\u5e74\u5ea6\u6240\u6709\u696d\u7e3e\u6578\u5b57\u5747\u70ba\u521d\u6b65\u672a\u7d93\u5be9\u68382 \u5df2\u5448\u5831\u7684 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6 EBITDA\uff0c\u5df2\u8a08\u5165\u4e00\u9805\u6d89\u53ca\u6574\u500b 2024 \u5e74\u5ea6\u800c\u7e3d\u503c 1.88 \u5104\u7f8e\u5143\u7684\u570b\u5167\u71c3\u6c23\u5408\u7d04\u7e8c\u7d043 \u8cc7\u6599\u4f86\u6e90\uff1a\u570b\u969b\u8ca8\u5e63\u57fa\u91d1\u7d44\u7e54\uff0c2025 \u5e74 10 \u6708 \u8b39\u614e\u8072\u660e\uff1a \u672c\u516c\u544a\u8f09\u6709\u6d89\u53ca ADNOC Gas \u8ca1\u52d9\u72c0\u6cc1\u3001\u7d93\u71df\u696d\u7e3e\u53ca\u696d\u52d9\u7684\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u6240\u6709\u975e\u5c6c\u6b77\u53f2\u4e8b\u5be6\u7684\u9673\u8ff0\uff0c\u5747\u5c6c\u6216\u53ef\u80fd\u88ab\u8996\u4f5c\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u524d\u77bb\u6027\u9673\u8ff0\u4e43\u57fa\u65bc\u7ba1\u7406\u5c64\u7576\u524d\u9810\u671f\u8207\u5047\u8a2d\u800c\u4f5c\u51fa\u7684\u672a\u4f86\u9810\u671f\u8868\u8ff0\uff0c\u5176\u6d89\u53ca\u5df2\u77e5\u53ca\u672a\u77e5\u7684\u98a8\u96aa\u8207\u4e0d\u660e\u6717\u56e0\u7d20\uff0c\u53ef\u80fd\u5c0e\u81f4\u5be6\u969b\u696d\u7e3e\u3001\u8868\u73fe\u6216\u4e8b\u4ef6\u8207\u76f8\u95dc\u9673\u8ff0\u6240\u660e\u793a\u6216\u6697\u793a\u8005\u51fa\u73fe\u91cd\u5927\u5dee\u7570\u3002 ADNOC Gas \u4e26\u7121\u7fa9\u52d9\u56e0\u61c9\u65b0\u8cc7\u8a0a\u3001\u672a\u4f86\u4e8b\u4ef6\u6216\u5176\u4ed6\u8cc7\u6599\u800c\u516c\u958b\u66f4\u65b0\u6216\u4fee\u8a02\u4efb\u4f55\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u5be6\u969b\u696d\u7e3e\u53ef\u80fd\u8207\u672c\u516c\u544a\u6240\u8f09\u524d\u77bb\u6027\u9673\u8ff0\u4e2d\u6240\u8ff0\u3001\u6697\u793a\u6216\u63a8\u65b7\u8005\u51fa\u73fe\u91cd\u5927\u5dee\u5225\u3002 \u8b80\u8005\u4e0d\u5b9c\u904e\u5206\u4f9d\u8cf4\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u95dc\u65bc ADNOC Gas ADNOC Gas \u65bc\u963f\u5e03\u624e\u6bd4\u8b49\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\uff08ADX \u4ee3\u865f\uff1a\u300cADNOCGAS\u300d\/ ISIN\uff1a\u300cAEE01195A234\u300d\uff09\uff0c\u662f\u4e16\u754c\u4e00\u6d41\u7684\u5927\u578b\u7d9c\u5408\u71c3\u6c23\u8655\u7406\u53ca\u92b7\u552e\u4f01\u696d\uff0c\u696d\u52d9\u6db5\u84cb\u6574\u500b\u5929\u7136\u6c23\u50f9\u503c\u93c8\uff1a\u5f9e\u63a5\u6536 ADNOC \u7684\u539f\u6599\u958b\u59cb\uff0c\u900f\u904e\u5927\u578b\u4e14\u58fd\u547d\u9577\u7684\u71c3\u6c23\u8655\u7406\u8207\u5206\u993e\u8a2d\u65bd\u71df\u904b\u696d\u52d9\uff0c\u6700\u7d42\u5c07\u7522\u54c1\u92b7\u552e\u4e88\u570b\u5167\u53ca\u6d77\u5916\u5ba2\u6236\u3002 ADNOC Gas \u70ba\u963f\u806f\u914b\u63d0\u4f9b\u7d04\u516d\u6210\u7684\u92b7\u552e\u71c3\u6c23\u9700\u6c42\uff0c\u540c\u6642\u70ba\u8d85\u904e 20 \u500b\u570b\u5bb6\u7684\u7d42\u7aef\u5ba2\u6236\u4f9b\u61c9\u71c3\u6c23\u3002 \u5982\u6b32\u4e86\u89e3\u66f4\u591a\u8cc7\u8a0a\uff0c\u8acb\u700f\u89bd\uff1awww.adnocgas.ae (X) @ADNOCGas \u6709\u95dc\u6295\u8cc7\u8005\u67e5\u8a62\uff0c\u8acb\u806f\u7d61\uff1a Richard Griffith\u6295\u8cc7\u8005\u95dc\u4fc2\u526f\u7e3d\u88c1+971 (2) 6037445ir@adnocgas.ae\u00a0 \u6709\u95dc\u5a92\u9ad4\u67e5\u8a62\uff0c\u8acb\u806f\u7d61\uff1a Colin Joyce\u4f01\u696d\u50b3\u8a0a\u526f\u7e3d\u88c1+971 (2) 6037444media.adg@adnoc.ae \u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pingtungtimes.com.tw\/?p=410138\" \/>\n<meta property=\"og:site_name\" content=\"\u5c4f\u6771\u6642\u5831\u96fb\u5b50\u5831\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/pingtungnews\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-11T12:15:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/pingtungtimes.com.tw\/wp-content\/uploads\/2023\/02\/logo-150.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1706\" \/>\n\t<meta property=\"og:image:height\" content=\"960\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"\u7f8e\u901a\u793e\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u4f5c\u8005:\" \/>\n\t<meta name=\"twitter:data1\" content=\"\u7f8e\u901a\u793e\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u9810\u4f30\u95b1\u8b80\u6642\u9593\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 \u5206\u9418\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/?p=410138#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/?p=410138\"},\"author\":{\"name\":\"\u7f8e\u901a\u793e\",\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/#\\\/schema\\\/person\\\/683b937f29ec1537972f6c41e22a2cf3\"},\"headline\":\"ADNOC Gas 2025 \u5e74\u6de8\u6536\u76ca\u9054 52 \u5104\u7f8e\u5143\u5275\u4e0b\u65b0\u9ad8\",\"datePublished\":\"2026-02-11T12:15:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/?p=410138\"},\"wordCount\":123,\"publisher\":{\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/?p=410138#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/wp-content\\\/uploads\\\/2026\\\/02\\\/ADNOC_Gas_Logo.jpg\",\"articleSection\":[\"\u7f8e\u901a\u793e\"],\"inLanguage\":\"zh-TW\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/?p=410138\",\"url\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/?p=410138\",\"name\":\"ADNOC Gas 2025 \u5e74\u6de8\u6536\u76ca\u9054 52 \u5104\u7f8e\u5143\u5275\u4e0b\u65b0\u9ad8 - \u5c4f\u6771\u6642\u5831\u96fb\u5b50\u5831\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/?p=410138#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/?p=410138#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/wp-content\\\/uploads\\\/2026\\\/02\\\/ADNOC_Gas_Logo.jpg\",\"datePublished\":\"2026-02-11T12:15:00+00:00\",\"description\":\"\u8463\u4e8b\u5c40\u901a\u904e 2025 \u5e74\u5ea6\u7684 36 \u5104\u7f8e\u5143\u80a1\u606f2025 \u5e74\uff0c\u570b\u5167\u71c3\u6c23\u696d\u52d9\u8868\u73fe\u5f37\u52c1\uff0c\u92b7\u552e\u91cf\u589e\u9577 4% \u5e36\u52d5 EBITDA \u6309\u5e74\u6500\u5347 10%\u5bcc\u6c23\u958b\u767c\u9805\u76ee\u7b2c\u4e8c\u53ca\u7b2c\u4e09\u968e\u6bb5\u7684\u6700\u7d42\u6295\u8cc7\u6c7a\u5b9a\uff0c\u76ee\u6a19\u65bc 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u4f5c\u51fa\uff0c\u4ee5\u5f37\u5316\u9577\u671f\u7522\u80fd\u589e\u9577 \u963f\u806f\u914b\u963f\u5e03\u624e\u6bd42026\u5e742\u670811\u65e5 \\\/\u7f8e\u901a\u793e\\\/ -- ADNOC Gas plc \u53ca\u5176\u5b50\u516c\u53f8\uff08\u7d71\u7a31\u300cADNOC Gas\u300d\u6216\u300c\u8a72\u516c\u53f8\u300d\uff09(ADX: ADNOCGAS) (ISIN: AEE01195A234) \u4eca\u65e5\u516c\u4f48\uff0c\u6de8\u6536\u76ca1\u5275\u4e0b 52 \u5104\u7f8e\u5143\u7684\u7d00\u9304\uff0c\u8f03 2024 \u5e74\u589e\u9577 3%\uff0c\u8db3\u4ee5\u99d5\u99ad\u5546\u54c1\u9031\u671f\uff0c\u696d\u7e3e\u6301\u7e8c\u7a69\u5065\u3002 \u5118\u7ba1\u5e03\u862d\u7279\u539f\u6cb9\u5e73\u5747\u50f9\u683c\u964d\u81f3 69 \u7f8e\u5143\uff0c\u6309\u5e74\u4e0b\u8dcc 14%\uff0c\u4f46\u516c\u53f8\u4ecd\u9304\u5f97\u7834\u7d00\u9304\u7684\u5168\u5e74\u696d\u7e3e\uff0c\u9019\u51f8\u986f\u5176\u9577\u671f\u7b56\u7565\u7684\u5f37\u5927\u6210\u6548\u3002 2025 \u5e74\u6de8\u6536\u76ca\u8868\u73fe\u5f37\u52c1\uff0c\u4e3b\u8981\u52d5\u529b\u4f86\u81ea\u672c\u5730\u71c3\u6c23\u696d\u52d9\uff0c\u5176\u92b7\u552e\u91cf\u6309\u5e74\u589e\u9577 4%\uff0c\u52a0\u4e0a\u5546\u696d\u689d\u6b3e\u6539\u5584\uff0c\u5e36\u52d5 EBITDA \u4e0a\u5347 10%\u3002 ADNOC Gas \u884c\u653f\u7e3d\u88c1 Fatema Al Nuaimi \u8868\u793a\uff1a\u300c2025 \u5e74\uff0c\u662f ADNOC Gas \u95dc\u9375\u7684\u4e00\u5e74\u3002 \u6211\u5011\u5728\u6295\u8cc7\u63a8\u52d5\u589e\u9577\u4e4b\u969b\uff0c\u6536\u76ca\u4ea6\u5275\u4e0b\u65b0\u9ad8\uff0c\u9019\u986f\u793a\u6211\u5011\u696d\u52d9\u5f37\u97cc\u3001\u64f4\u5c55\u529b\u5f37\uff0c\u4e26\u4e14\u8207\u5168\u7403\u5e02\u5834\u7dca\u5bc6\u76f8\u9023\u3002 \u96a8\u8457\u5e02\u5834\u5c0d\u53ef\u9760\u71c3\u6c23\u4f9b\u61c9\u7684\u9700\u6c42\u4e0d\u65b7\u6500\u5347\uff0cADNOC Gas \u5df2\u84c4\u52e2\u5f85\u767c\uff0c\u6191\u8457\u5145\u5206\u4fe1\u5fc3\u53ca\u7a69\u5065\u6b65\u4f10\uff0c\u81f4\u529b\u670d\u52d9\u963f\u806f\u914b\u53ca\u570b\u969b\u5e02\u5834\u3002\u300d \u5c55\u671b\u672a\u4f86\uff0cADNOC Gas \u6191\u8457\u5176\u7b56\u7565\u4f48\u5c40\uff0c\u5c07\u80fd\u6301\u7e8c\u628a\u63e1 2026 \u5e74\u5f8c\u570b\u5167\u9700\u6c42\u7684\u589e\u9577\u6c23\u52e2\u3002\u6b64\u512a\u52e2\u5efa\u57fa\u65bc\u7b56\u7565\u6027\u57fa\u790e\u5efa\u8a2d\u6295\u8cc7\uff0c\u7576\u4e2d\u5305\u62ec ADNOC Estidama \u71c3\u6c23\u7ba1\u9053\u9805\u76ee\uff0c\u8a72\u9805\u76ee\u4e0d\u50c5\u5c07\u5ef6\u4f38\u4f9b\u61c9\u7db2\u7d61\u81f3\u5317\u90e8\u914b\u9577\u570b\uff0c\u66f4\u70ba\u963f\u806f\u914b\u9054\u81f4\u71c3\u6c23\u81ea\u7d66\u81ea\u8db3\u7684\u9577\u9060\u76ee\u6a19\u5e36\u4f86\u5805\u5be6\u52d5\u529b\u3002 \u5bcc\u6c23\u958b\u767c\u9805\u76ee (RGD) \u7b2c\u4e8c\u53ca\u7b2c\u4e09\u968e\u6bb5\u7684\u6700\u7d42\u6295\u8cc7\u6c7a\u5b9a (FID)\uff0c\u9810\u8a08\u5728 2026 \u5e74\u9996\u5b63\u62cd\u677f\u3002 \u9019\u9805\u64f4\u5efa\u8a08\u5283\u53d7\u60e0\u65bc ADNOC \u4e0a\u6e38\u696d\u52d9\u7684\u589e\u9577\uff0c\u4e43\u4e00\u5927\u95dc\u9375\u9805\u76ee\uff0c\u5c07\u6709\u52a9 ADNOC Gas \u5728 2029 \u5e74\u524d\u5c07\u7e3d\u7522\u80fd\u63d0\u5347 30%\u3002 \u5728\u5168\u7403\u71c3\u6c23\u9700\u6c42\u6301\u7e8c\u4e0a\u5347\u4e4b\u969b\uff0cADNOC Gas \u6b63\u80f8\u6709\u6210\u7af9\u5730\u52a0\u5927\u6295\u8cc7\uff0c\u4e00\u65b9\u9762\u652f\u6301\u963f\u806f\u914b\u80fd\u6e90\u5b89\u5168\uff0c\u53e6\u4e00\u65b9\u9762\u5247\u62d3\u5c55\u570b\u969b\u5e02\u5834\u3002 \u5373\u4f7f\u51fa\u53e3\u5e02\u5834\u50f9\u683c\u8d70\u8edf\uff0c2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u6de8\u6536\u76ca\u4ecd\u6709 12 \u5104\u7f8e\u5143\u3002 \u76f8\u6bd4 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6\uff0cADNOC Gas \u92b7\u552e\u696d\u7e3e\u9304\u5f97 5% \u7684\u589e\u9577\uff0c\u6b64\u4f73\u7e3e\u4e3b\u8981\u6e90\u65bc\u570b\u5167\u71c3\u6c23\u696d\u52d9\u7684\u5f37\u52e2\u5e36\u52d5\uff1b\u5373\u4f7f\u5728 2025 \u5e74\u6700\u5f8c\u4e00\u5b63\u963f\u806f\u914b\u5929\u6c23\u8f03\u70ba\u548c\u6696\u7684\u60c5\u6cc1\u4e0b\uff0c\u5e02\u5834\u9700\u6c42\u4f9d\u7136\u7a69\u56fa\u3002 \u6574\u9ad4\u4f86\u8aaa\uff0c2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u570b\u5167\u8abf\u6574\u5f8c EBITDA \u6309\u5e74\u589e\u9577 6%2\u3002 \u9700\u6c42\u5f97\u4ee5\u6301\u7e8c\uff0c\u5be6\u5728\u6709\u8cf4\u5f37\u5065\u7684\u5de5\u696d\u9818\u57df\uff0c\u8a72\u9818\u57df\u63a8\u52d5\u963f\u806f\u914b\u5728 2025 \u5e74\u5be6\u73fe\u4e86 4.8% \u7684 GDP3 \u589e\u9577\u3002 2025 \u5e74\uff0c\u96a8\u8457\u6578\u500b\u91cd\u5927\u9805\u76ee\u7a69\u6b65\u63a8\u9032\uff0c\u8cc7\u672c\u958b\u652f\u6500\u5347\u81f3 36 \u5104\u7f8e\u5143\u3002 2025 \u5e74\uff0c\u6211\u5011\u6b63\u5f0f\u555f\u52d5\u5bcc\u6c23\u958b\u767c\u9805\u76ee\u7b2c\u4e00\u968e\u6bb5\uff0c\u85c9\u6b64\u64f4\u5145\u570b\u5167\u71c3\u6c23\u8655\u7406\u80fd\u529b\uff0c\u4e26\u5229\u7528\u65b0\u589e\u7684\u5bcc\u6c23\u8cc7\u6e90\uff0c\u63d0\u5347\u51fa\u53e3\u8cbf\u6613\u6db2\u9ad4\u7684\u7522\u91cf\uff0c\u6b64\u9032\u5c55\u8207 ADNOC Gas \u7684\u7b56\u7565\u90e8\u7f72\u4e00\u8108\u76f8\u627f\u3002 \u7e7c IGD\u2013E2 \u65bc 2025 \u5e74\u6700\u5f8c\u4e00\u5b63\u6295\u7522\u5f8c\uff0cADNOC Estidama \u71c3\u6c23\u7ba1\u9053\u9805\u76ee\u6b63\u6309\u8a08\u5283\u63a8\u9032\uff0c\u65e8\u5728\u70ba\u5317\u90e8\u914b\u9577\u570b\u7684\u5de5\u696d\u53ca\u516c\u7528\u4e8b\u696d\u5ba2\u6236\u63d0\u4f9b\u66f4\u5b8c\u5584\u7684\u4f9b\u61c9\u63a5\u5165\u3002 \u9019\u4e9b\u9805\u76ee\u9f4a\u982d\u4e26\u9032\uff0c\u5171\u540c\u978f\u56fa ADNOC Gas \u4f5c\u70ba\u963f\u806f\u914b\u5de5\u696d\u589e\u9577\u95dc\u9375\u63a8\u52d5\u529b\u91cf\u7684\u5730\u4f4d\uff0c\u4e26\u5efa\u69cb\u9577\u671f\u80fd\u6e90\u5b89\u5168\u7684\u5805\u5be6\u652f\u67f1\u3002 ADNOC Gas \u78ba\u8a8d\uff0c2025 \u8ca1\u653f\u5e74\u5ea6\u80a1\u606f\u7e3d\u984d\u70ba 35.84 \u5104\u7f8e\u5143\u3002\u5177\u9ad4\u800c\u8a00\uff0c17.92 \u5104\u7f8e\u5143\u7684\u4e2d\u671f\u73fe\u91d1\u80a1\u606f\u5df2\u65bc 2025 \u5e74 9 \u6708\u6d3e\u767c\uff1b8.96 \u5104\u7f8e\u5143\u7684\u5b63\u5ea6\u80a1\u606f\u5df2\u65bc 2025 \u5e74 12 \u6708\u6d3e\u767c\uff1b\u81f3\u65bc 8.96 \u5104\u7f8e\u5143\u7684\u672b\u671f\u80a1\u606f\uff0c\u9810\u8a08\u5c07\u65bc 2026 \u5e74 4 \u6708\u6d3e\u767c\uff0c\u6b64\u9805\u6709\u5f85\u80a1\u6771\u5468\u5e74\u5927\u6703 (AGM) \u5be9\u8b70\u6279\u51c6\u3002 2025 \u8ca1\u653f\u5e74\u5ea6\u80a1\u606f\u7b26\u5408\u516c\u53f8\u7a69\u5065\u7684\u6d3e\u606f\u653f\u7b56\uff0c\u5373\u6bcf\u5e74\u589e\u52a0\u5e74\u5ea6\u80a1\u606f 5%\uff0c\u540c\u6642\u4e5f\u53cd\u6620\u516c\u53f8\u81ea\u7531\u73fe\u91d1\u6d41\u5f37\u52c1\uff0c\u8d85\u51fa\u80a1\u606f\u627f\u8afe\u91d1\u984d\u8d85\u904e 5 \u5104\u7f8e\u5143\u3002 \u91cd\u8981\u4eae\u9ede\uff1a \u5168\u5e74\u6de8\u6536\u76ca 52 \u5104\u7f8e\u5143\u5275\u4e0b\u65b0\u9ad8\uff0c\u6309\u5e74\u589e\u9577 3% 2025 \u5e74\u8cc7\u672c\u652f\u51fa\u589e\u81f3 36 \u5104\u7f8e\u5143\uff0c\u6309\u5e74\u98c6\u5347 98% ADNOC Gas \u78ba\u8a8d 2025 \u5e74\u5ea6\u80a1\u606f\u7e3d\u984d\u70ba 35.84 \u5104\u7f8e\u5143 \u767e\u842c\u7f8e\u5143 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6 2025 \u5e74\u7b2c\u4e09\u5b63\u5ea6 2025 \u5e74\u7b2c\u56db\u5b63\u5ea6 \u6309\u5e74\u767e\u5206\u6bd4 \u6309\u5b63\u767e\u5206\u6bd4 2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u5c0d\u6bd42024 \u5e74\u7b2c\u56db\u5b63\u5ea6 2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u5c0d\u6bd42025 \u5e74\u7b2c\u4e09\u5b63\u5ea6 2024 \u5168\u5e74 2025 \u5168\u5e74 2025 \u8ca1\u653f\u5e74\u5ea6\u82072024 \u8ca1\u653f\u5e74\u5ea6\u6bd4\u8f03 \u6536\u76ca 6,060 5,931 5,482 -10\u00a0% -8\u00a0% 24,428 23,473 -4\u00a0% COGS -3,299 -3,217 -2,906 -12\u00a0% -10\u00a0% -13,770 -12,782 -7\u00a0% Opex -479 -537 -533 11\u00a0% -1\u00a0% -2,009 -2,054 2\u00a0% EBITDA 2,282 2,178 2,043 -10\u00a0% -6\u00a0% 8,648 8,636 0\u00a0% \u6de8\u6536\u76ca 1,381 1,338 1,173 -15\u00a0% -12\u00a0% 5,001 5,166 3\u00a0% EBITDA \u5229\u6f64\u7387 37.7\u00a0% 36.7\u00a0% 37.3\u00a0% -38bps +55bps 35.4\u00a0% 36.8\u00a0% +139bps \u6de8\u6536\u76ca\u5229\u6f64\u7387 22.8\u00a0% 22.6\u00a0% 21.4\u00a0% -139bps -115bps 20.5\u00a0% 22.0\u00a0% +153bps \u66ff\u4ee3\u7e3e\u6548\u8a08\u91cf\uff1a \u4e0a\u8ff0\u8ca1\u52d9\u8cc7\u6599\u5df2\u5305\u62ec ADNOC Gas \u6309\u6b0a\u76ca\u6bd4\u4f8b\u7d9c\u5408\u5408\u8cc7\u4f01\u696d (JV) \u7684\u8ca1\u52d9\u696d\u7e3e\u3002 EBITDA \u5df2\u6309\u6b0a\u76ca\u6bd4\u4f8b\u7d9c\u5408\u5408\u8cc7\u4f01\u696d\u696d\u7e3e\uff0c\u610f\u6307\u606f\u7a05\u6298\u820a\u6524\u92b7\u524d\u6536\u76ca\u3002 \u4e0a\u8ff0\u8ca1\u52d9\u6578\u64da\u8207\u6839\u64da\u570b\u969b\u8ca1\u52d9\u5831\u544a\u6e96\u5247\u7de8\u88fd\u7684\u8ca1\u52d9\u5831\u8868\u4e4b\u9593\u7684\u5c0d\u5e33\u8abf\u6574\uff0c\u5df2\u8f09\u65bc\u7ba1\u7406\u5c64\u8a0e\u8ad6\u53ca\u5206\u6790\u5831\u544a\u3002 1 2025 \u8ca1\u653f\u5e74\u5ea6\u6240\u6709\u696d\u7e3e\u6578\u5b57\u5747\u70ba\u521d\u6b65\u672a\u7d93\u5be9\u68382 \u5df2\u5448\u5831\u7684 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6 EBITDA\uff0c\u5df2\u8a08\u5165\u4e00\u9805\u6d89\u53ca\u6574\u500b 2024 \u5e74\u5ea6\u800c\u7e3d\u503c 1.88 \u5104\u7f8e\u5143\u7684\u570b\u5167\u71c3\u6c23\u5408\u7d04\u7e8c\u7d043 \u8cc7\u6599\u4f86\u6e90\uff1a\u570b\u969b\u8ca8\u5e63\u57fa\u91d1\u7d44\u7e54\uff0c2025 \u5e74 10 \u6708 \u8b39\u614e\u8072\u660e\uff1a \u672c\u516c\u544a\u8f09\u6709\u6d89\u53ca ADNOC Gas \u8ca1\u52d9\u72c0\u6cc1\u3001\u7d93\u71df\u696d\u7e3e\u53ca\u696d\u52d9\u7684\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u6240\u6709\u975e\u5c6c\u6b77\u53f2\u4e8b\u5be6\u7684\u9673\u8ff0\uff0c\u5747\u5c6c\u6216\u53ef\u80fd\u88ab\u8996\u4f5c\u524d\u77bb\u6027\u9673\u8ff0\u3002 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\u6b63\u80f8\u6709\u6210\u7af9\u5730\u52a0\u5927\u6295\u8cc7\uff0c\u4e00\u65b9\u9762\u652f\u6301\u963f\u806f\u914b\u80fd\u6e90\u5b89\u5168\uff0c\u53e6\u4e00\u65b9\u9762\u5247\u62d3\u5c55\u570b\u969b\u5e02\u5834\u3002 \u5373\u4f7f\u51fa\u53e3\u5e02\u5834\u50f9\u683c\u8d70\u8edf\uff0c2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u6de8\u6536\u76ca\u4ecd\u6709 12 \u5104\u7f8e\u5143\u3002 \u76f8\u6bd4 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6\uff0cADNOC Gas \u92b7\u552e\u696d\u7e3e\u9304\u5f97 5% \u7684\u589e\u9577\uff0c\u6b64\u4f73\u7e3e\u4e3b\u8981\u6e90\u65bc\u570b\u5167\u71c3\u6c23\u696d\u52d9\u7684\u5f37\u52e2\u5e36\u52d5\uff1b\u5373\u4f7f\u5728 2025 \u5e74\u6700\u5f8c\u4e00\u5b63\u963f\u806f\u914b\u5929\u6c23\u8f03\u70ba\u548c\u6696\u7684\u60c5\u6cc1\u4e0b\uff0c\u5e02\u5834\u9700\u6c42\u4f9d\u7136\u7a69\u56fa\u3002 \u6574\u9ad4\u4f86\u8aaa\uff0c2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u570b\u5167\u8abf\u6574\u5f8c EBITDA \u6309\u5e74\u589e\u9577 6%2\u3002 \u9700\u6c42\u5f97\u4ee5\u6301\u7e8c\uff0c\u5be6\u5728\u6709\u8cf4\u5f37\u5065\u7684\u5de5\u696d\u9818\u57df\uff0c\u8a72\u9818\u57df\u63a8\u52d5\u963f\u806f\u914b\u5728 2025 \u5e74\u5be6\u73fe\u4e86 4.8% \u7684 GDP3 \u589e\u9577\u3002 2025 \u5e74\uff0c\u96a8\u8457\u6578\u500b\u91cd\u5927\u9805\u76ee\u7a69\u6b65\u63a8\u9032\uff0c\u8cc7\u672c\u958b\u652f\u6500\u5347\u81f3 36 \u5104\u7f8e\u5143\u3002 2025 \u5e74\uff0c\u6211\u5011\u6b63\u5f0f\u555f\u52d5\u5bcc\u6c23\u958b\u767c\u9805\u76ee\u7b2c\u4e00\u968e\u6bb5\uff0c\u85c9\u6b64\u64f4\u5145\u570b\u5167\u71c3\u6c23\u8655\u7406\u80fd\u529b\uff0c\u4e26\u5229\u7528\u65b0\u589e\u7684\u5bcc\u6c23\u8cc7\u6e90\uff0c\u63d0\u5347\u51fa\u53e3\u8cbf\u6613\u6db2\u9ad4\u7684\u7522\u91cf\uff0c\u6b64\u9032\u5c55\u8207 ADNOC Gas \u7684\u7b56\u7565\u90e8\u7f72\u4e00\u8108\u76f8\u627f\u3002 \u7e7c IGD\u2013E2 \u65bc 2025 \u5e74\u6700\u5f8c\u4e00\u5b63\u6295\u7522\u5f8c\uff0cADNOC Estidama 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\u5104\u7f8e\u5143\u7684\u672b\u671f\u80a1\u606f\uff0c\u9810\u8a08\u5c07\u65bc 2026 \u5e74 4 \u6708\u6d3e\u767c\uff0c\u6b64\u9805\u6709\u5f85\u80a1\u6771\u5468\u5e74\u5927\u6703 (AGM) \u5be9\u8b70\u6279\u51c6\u3002 2025 \u8ca1\u653f\u5e74\u5ea6\u80a1\u606f\u7b26\u5408\u516c\u53f8\u7a69\u5065\u7684\u6d3e\u606f\u653f\u7b56\uff0c\u5373\u6bcf\u5e74\u589e\u52a0\u5e74\u5ea6\u80a1\u606f 5%\uff0c\u540c\u6642\u4e5f\u53cd\u6620\u516c\u53f8\u81ea\u7531\u73fe\u91d1\u6d41\u5f37\u52c1\uff0c\u8d85\u51fa\u80a1\u606f\u627f\u8afe\u91d1\u984d\u8d85\u904e 5 \u5104\u7f8e\u5143\u3002 \u91cd\u8981\u4eae\u9ede\uff1a   \u5168\u5e74\u6de8\u6536\u76ca 52 \u5104\u7f8e\u5143\u5275\u4e0b\u65b0\u9ad8\uff0c\u6309\u5e74\u589e\u9577 3%  2025 \u5e74\u8cc7\u672c\u652f\u51fa\u589e\u81f3 36 \u5104\u7f8e\u5143\uff0c\u6309\u5e74\u98c6\u5347 98%  ADNOC Gas \u78ba\u8a8d 2025 \u5e74\u5ea6\u80a1\u606f\u7e3d\u984d\u70ba 35.84 \u5104\u7f8e\u5143           \u767e\u842c\u7f8e\u5143   2024 \u5e74\u7b2c\u56db\u5b63\u5ea6   2025 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37.3\u00a0%   -38bps   +55bps   35.4\u00a0%   36.8\u00a0%   +139bps        \u6de8\u6536\u76ca\u5229\u6f64\u7387   22.8\u00a0%   22.6\u00a0%   21.4\u00a0%   -139bps   -115bps   20.5\u00a0%   22.0\u00a0%   +153bps        \u66ff\u4ee3\u7e3e\u6548\u8a08\u91cf\uff1a   \u4e0a\u8ff0\u8ca1\u52d9\u8cc7\u6599\u5df2\u5305\u62ec ADNOC Gas \u6309\u6b0a\u76ca\u6bd4\u4f8b\u7d9c\u5408\u5408\u8cc7\u4f01\u696d (JV) \u7684\u8ca1\u52d9\u696d\u7e3e\u3002  EBITDA \u5df2\u6309\u6b0a\u76ca\u6bd4\u4f8b\u7d9c\u5408\u5408\u8cc7\u4f01\u696d\u696d\u7e3e\uff0c\u610f\u6307\u606f\u7a05\u6298\u820a\u6524\u92b7\u524d\u6536\u76ca\u3002  \u4e0a\u8ff0\u8ca1\u52d9\u6578\u64da\u8207\u6839\u64da\u570b\u969b\u8ca1\u52d9\u5831\u544a\u6e96\u5247\u7de8\u88fd\u7684\u8ca1\u52d9\u5831\u8868\u4e4b\u9593\u7684\u5c0d\u5e33\u8abf\u6574\uff0c\u5df2\u8f09\u65bc\u7ba1\u7406\u5c64\u8a0e\u8ad6\u53ca\u5206\u6790\u5831\u544a\u3002  1 2025 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\u5982\u6b32\u4e86\u89e3\u66f4\u591a\u8cc7\u8a0a\uff0c\u8acb\u700f\u89bd\uff1awww.adnocgas.ae (X) @ADNOCGas \u6709\u95dc\u6295\u8cc7\u8005\u67e5\u8a62\uff0c\u8acb\u806f\u7d61\uff1a Richard Griffith\u6295\u8cc7\u8005\u95dc\u4fc2\u526f\u7e3d\u88c1+971 (2) 6037445ir@adnocgas.ae\u00a0 \u6709\u95dc\u5a92\u9ad4\u67e5\u8a62\uff0c\u8acb\u806f\u7d61\uff1a Colin Joyce\u4f01\u696d\u50b3\u8a0a\u526f\u7e3d\u88c1+971 (2) 6037444media.adg@adnoc.ae \u00a0","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/pingtungtimes.com.tw\/?p=410138","og_locale":"zh_TW","og_type":"article","og_title":"ADNOC Gas 2025 \u5e74\u6de8\u6536\u76ca\u9054 52 \u5104\u7f8e\u5143\u5275\u4e0b\u65b0\u9ad8 - \u5c4f\u6771\u6642\u5831\u96fb\u5b50\u5831","og_description":"\u8463\u4e8b\u5c40\u901a\u904e 2025 \u5e74\u5ea6\u7684 36 \u5104\u7f8e\u5143\u80a1\u606f2025 \u5e74\uff0c\u570b\u5167\u71c3\u6c23\u696d\u52d9\u8868\u73fe\u5f37\u52c1\uff0c\u92b7\u552e\u91cf\u589e\u9577 4% \u5e36\u52d5 EBITDA \u6309\u5e74\u6500\u5347 10%\u5bcc\u6c23\u958b\u767c\u9805\u76ee\u7b2c\u4e8c\u53ca\u7b2c\u4e09\u968e\u6bb5\u7684\u6700\u7d42\u6295\u8cc7\u6c7a\u5b9a\uff0c\u76ee\u6a19\u65bc 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u4f5c\u51fa\uff0c\u4ee5\u5f37\u5316\u9577\u671f\u7522\u80fd\u589e\u9577 \u963f\u806f\u914b\u963f\u5e03\u624e\u6bd42026\u5e742\u670811\u65e5 \/\u7f8e\u901a\u793e\/ -- ADNOC Gas plc \u53ca\u5176\u5b50\u516c\u53f8\uff08\u7d71\u7a31\u300cADNOC Gas\u300d\u6216\u300c\u8a72\u516c\u53f8\u300d\uff09(ADX: ADNOCGAS) (ISIN: AEE01195A234) \u4eca\u65e5\u516c\u4f48\uff0c\u6de8\u6536\u76ca1\u5275\u4e0b 52 \u5104\u7f8e\u5143\u7684\u7d00\u9304\uff0c\u8f03 2024 \u5e74\u589e\u9577 3%\uff0c\u8db3\u4ee5\u99d5\u99ad\u5546\u54c1\u9031\u671f\uff0c\u696d\u7e3e\u6301\u7e8c\u7a69\u5065\u3002 \u5118\u7ba1\u5e03\u862d\u7279\u539f\u6cb9\u5e73\u5747\u50f9\u683c\u964d\u81f3 69 \u7f8e\u5143\uff0c\u6309\u5e74\u4e0b\u8dcc 14%\uff0c\u4f46\u516c\u53f8\u4ecd\u9304\u5f97\u7834\u7d00\u9304\u7684\u5168\u5e74\u696d\u7e3e\uff0c\u9019\u51f8\u986f\u5176\u9577\u671f\u7b56\u7565\u7684\u5f37\u5927\u6210\u6548\u3002 2025 \u5e74\u6de8\u6536\u76ca\u8868\u73fe\u5f37\u52c1\uff0c\u4e3b\u8981\u52d5\u529b\u4f86\u81ea\u672c\u5730\u71c3\u6c23\u696d\u52d9\uff0c\u5176\u92b7\u552e\u91cf\u6309\u5e74\u589e\u9577 4%\uff0c\u52a0\u4e0a\u5546\u696d\u689d\u6b3e\u6539\u5584\uff0c\u5e36\u52d5 EBITDA \u4e0a\u5347 10%\u3002 ADNOC Gas \u884c\u653f\u7e3d\u88c1 Fatema Al Nuaimi \u8868\u793a\uff1a\u300c2025 \u5e74\uff0c\u662f ADNOC Gas \u95dc\u9375\u7684\u4e00\u5e74\u3002 \u6211\u5011\u5728\u6295\u8cc7\u63a8\u52d5\u589e\u9577\u4e4b\u969b\uff0c\u6536\u76ca\u4ea6\u5275\u4e0b\u65b0\u9ad8\uff0c\u9019\u986f\u793a\u6211\u5011\u696d\u52d9\u5f37\u97cc\u3001\u64f4\u5c55\u529b\u5f37\uff0c\u4e26\u4e14\u8207\u5168\u7403\u5e02\u5834\u7dca\u5bc6\u76f8\u9023\u3002 \u96a8\u8457\u5e02\u5834\u5c0d\u53ef\u9760\u71c3\u6c23\u4f9b\u61c9\u7684\u9700\u6c42\u4e0d\u65b7\u6500\u5347\uff0cADNOC Gas \u5df2\u84c4\u52e2\u5f85\u767c\uff0c\u6191\u8457\u5145\u5206\u4fe1\u5fc3\u53ca\u7a69\u5065\u6b65\u4f10\uff0c\u81f4\u529b\u670d\u52d9\u963f\u806f\u914b\u53ca\u570b\u969b\u5e02\u5834\u3002\u300d \u5c55\u671b\u672a\u4f86\uff0cADNOC Gas \u6191\u8457\u5176\u7b56\u7565\u4f48\u5c40\uff0c\u5c07\u80fd\u6301\u7e8c\u628a\u63e1 2026 \u5e74\u5f8c\u570b\u5167\u9700\u6c42\u7684\u589e\u9577\u6c23\u52e2\u3002\u6b64\u512a\u52e2\u5efa\u57fa\u65bc\u7b56\u7565\u6027\u57fa\u790e\u5efa\u8a2d\u6295\u8cc7\uff0c\u7576\u4e2d\u5305\u62ec ADNOC Estidama \u71c3\u6c23\u7ba1\u9053\u9805\u76ee\uff0c\u8a72\u9805\u76ee\u4e0d\u50c5\u5c07\u5ef6\u4f38\u4f9b\u61c9\u7db2\u7d61\u81f3\u5317\u90e8\u914b\u9577\u570b\uff0c\u66f4\u70ba\u963f\u806f\u914b\u9054\u81f4\u71c3\u6c23\u81ea\u7d66\u81ea\u8db3\u7684\u9577\u9060\u76ee\u6a19\u5e36\u4f86\u5805\u5be6\u52d5\u529b\u3002 \u5bcc\u6c23\u958b\u767c\u9805\u76ee (RGD) \u7b2c\u4e8c\u53ca\u7b2c\u4e09\u968e\u6bb5\u7684\u6700\u7d42\u6295\u8cc7\u6c7a\u5b9a (FID)\uff0c\u9810\u8a08\u5728 2026 \u5e74\u9996\u5b63\u62cd\u677f\u3002 \u9019\u9805\u64f4\u5efa\u8a08\u5283\u53d7\u60e0\u65bc ADNOC \u4e0a\u6e38\u696d\u52d9\u7684\u589e\u9577\uff0c\u4e43\u4e00\u5927\u95dc\u9375\u9805\u76ee\uff0c\u5c07\u6709\u52a9 ADNOC Gas \u5728 2029 \u5e74\u524d\u5c07\u7e3d\u7522\u80fd\u63d0\u5347 30%\u3002 \u5728\u5168\u7403\u71c3\u6c23\u9700\u6c42\u6301\u7e8c\u4e0a\u5347\u4e4b\u969b\uff0cADNOC Gas \u6b63\u80f8\u6709\u6210\u7af9\u5730\u52a0\u5927\u6295\u8cc7\uff0c\u4e00\u65b9\u9762\u652f\u6301\u963f\u806f\u914b\u80fd\u6e90\u5b89\u5168\uff0c\u53e6\u4e00\u65b9\u9762\u5247\u62d3\u5c55\u570b\u969b\u5e02\u5834\u3002 \u5373\u4f7f\u51fa\u53e3\u5e02\u5834\u50f9\u683c\u8d70\u8edf\uff0c2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u6de8\u6536\u76ca\u4ecd\u6709 12 \u5104\u7f8e\u5143\u3002 \u76f8\u6bd4 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6\uff0cADNOC Gas \u92b7\u552e\u696d\u7e3e\u9304\u5f97 5% \u7684\u589e\u9577\uff0c\u6b64\u4f73\u7e3e\u4e3b\u8981\u6e90\u65bc\u570b\u5167\u71c3\u6c23\u696d\u52d9\u7684\u5f37\u52e2\u5e36\u52d5\uff1b\u5373\u4f7f\u5728 2025 \u5e74\u6700\u5f8c\u4e00\u5b63\u963f\u806f\u914b\u5929\u6c23\u8f03\u70ba\u548c\u6696\u7684\u60c5\u6cc1\u4e0b\uff0c\u5e02\u5834\u9700\u6c42\u4f9d\u7136\u7a69\u56fa\u3002 \u6574\u9ad4\u4f86\u8aaa\uff0c2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u570b\u5167\u8abf\u6574\u5f8c EBITDA \u6309\u5e74\u589e\u9577 6%2\u3002 \u9700\u6c42\u5f97\u4ee5\u6301\u7e8c\uff0c\u5be6\u5728\u6709\u8cf4\u5f37\u5065\u7684\u5de5\u696d\u9818\u57df\uff0c\u8a72\u9818\u57df\u63a8\u52d5\u963f\u806f\u914b\u5728 2025 \u5e74\u5be6\u73fe\u4e86 4.8% \u7684 GDP3 \u589e\u9577\u3002 2025 \u5e74\uff0c\u96a8\u8457\u6578\u500b\u91cd\u5927\u9805\u76ee\u7a69\u6b65\u63a8\u9032\uff0c\u8cc7\u672c\u958b\u652f\u6500\u5347\u81f3 36 \u5104\u7f8e\u5143\u3002 2025 \u5e74\uff0c\u6211\u5011\u6b63\u5f0f\u555f\u52d5\u5bcc\u6c23\u958b\u767c\u9805\u76ee\u7b2c\u4e00\u968e\u6bb5\uff0c\u85c9\u6b64\u64f4\u5145\u570b\u5167\u71c3\u6c23\u8655\u7406\u80fd\u529b\uff0c\u4e26\u5229\u7528\u65b0\u589e\u7684\u5bcc\u6c23\u8cc7\u6e90\uff0c\u63d0\u5347\u51fa\u53e3\u8cbf\u6613\u6db2\u9ad4\u7684\u7522\u91cf\uff0c\u6b64\u9032\u5c55\u8207 ADNOC Gas \u7684\u7b56\u7565\u90e8\u7f72\u4e00\u8108\u76f8\u627f\u3002 \u7e7c IGD\u2013E2 \u65bc 2025 \u5e74\u6700\u5f8c\u4e00\u5b63\u6295\u7522\u5f8c\uff0cADNOC Estidama \u71c3\u6c23\u7ba1\u9053\u9805\u76ee\u6b63\u6309\u8a08\u5283\u63a8\u9032\uff0c\u65e8\u5728\u70ba\u5317\u90e8\u914b\u9577\u570b\u7684\u5de5\u696d\u53ca\u516c\u7528\u4e8b\u696d\u5ba2\u6236\u63d0\u4f9b\u66f4\u5b8c\u5584\u7684\u4f9b\u61c9\u63a5\u5165\u3002 \u9019\u4e9b\u9805\u76ee\u9f4a\u982d\u4e26\u9032\uff0c\u5171\u540c\u978f\u56fa ADNOC Gas \u4f5c\u70ba\u963f\u806f\u914b\u5de5\u696d\u589e\u9577\u95dc\u9375\u63a8\u52d5\u529b\u91cf\u7684\u5730\u4f4d\uff0c\u4e26\u5efa\u69cb\u9577\u671f\u80fd\u6e90\u5b89\u5168\u7684\u5805\u5be6\u652f\u67f1\u3002 ADNOC Gas \u78ba\u8a8d\uff0c2025 \u8ca1\u653f\u5e74\u5ea6\u80a1\u606f\u7e3d\u984d\u70ba 35.84 \u5104\u7f8e\u5143\u3002\u5177\u9ad4\u800c\u8a00\uff0c17.92 \u5104\u7f8e\u5143\u7684\u4e2d\u671f\u73fe\u91d1\u80a1\u606f\u5df2\u65bc 2025 \u5e74 9 \u6708\u6d3e\u767c\uff1b8.96 \u5104\u7f8e\u5143\u7684\u5b63\u5ea6\u80a1\u606f\u5df2\u65bc 2025 \u5e74 12 \u6708\u6d3e\u767c\uff1b\u81f3\u65bc 8.96 \u5104\u7f8e\u5143\u7684\u672b\u671f\u80a1\u606f\uff0c\u9810\u8a08\u5c07\u65bc 2026 \u5e74 4 \u6708\u6d3e\u767c\uff0c\u6b64\u9805\u6709\u5f85\u80a1\u6771\u5468\u5e74\u5927\u6703 (AGM) \u5be9\u8b70\u6279\u51c6\u3002 2025 \u8ca1\u653f\u5e74\u5ea6\u80a1\u606f\u7b26\u5408\u516c\u53f8\u7a69\u5065\u7684\u6d3e\u606f\u653f\u7b56\uff0c\u5373\u6bcf\u5e74\u589e\u52a0\u5e74\u5ea6\u80a1\u606f 5%\uff0c\u540c\u6642\u4e5f\u53cd\u6620\u516c\u53f8\u81ea\u7531\u73fe\u91d1\u6d41\u5f37\u52c1\uff0c\u8d85\u51fa\u80a1\u606f\u627f\u8afe\u91d1\u984d\u8d85\u904e 5 \u5104\u7f8e\u5143\u3002 \u91cd\u8981\u4eae\u9ede\uff1a   \u5168\u5e74\u6de8\u6536\u76ca 52 \u5104\u7f8e\u5143\u5275\u4e0b\u65b0\u9ad8\uff0c\u6309\u5e74\u589e\u9577 3%  2025 \u5e74\u8cc7\u672c\u652f\u51fa\u589e\u81f3 36 \u5104\u7f8e\u5143\uff0c\u6309\u5e74\u98c6\u5347 98%  ADNOC Gas \u78ba\u8a8d 2025 \u5e74\u5ea6\u80a1\u606f\u7e3d\u984d\u70ba 35.84 \u5104\u7f8e\u5143           \u767e\u842c\u7f8e\u5143   2024 \u5e74\u7b2c\u56db\u5b63\u5ea6   2025 \u5e74\u7b2c\u4e09\u5b63\u5ea6   2025 \u5e74\u7b2c\u56db\u5b63\u5ea6   \u6309\u5e74\u767e\u5206\u6bd4   \u6309\u5b63\u767e\u5206\u6bd4                                2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u5c0d\u6bd42024 \u5e74\u7b2c\u56db\u5b63\u5ea6   2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u5c0d\u6bd42025 \u5e74\u7b2c\u4e09\u5b63\u5ea6   2024 \u5168\u5e74   2025 \u5168\u5e74   2025 \u8ca1\u653f\u5e74\u5ea6\u82072024 \u8ca1\u653f\u5e74\u5ea6\u6bd4\u8f03        \u6536\u76ca   6,060   5,931   5,482   -10\u00a0%   -8\u00a0%   24,428   23,473   -4\u00a0%        COGS   -3,299   -3,217   -2,906   -12\u00a0%   -10\u00a0%   -13,770   -12,782   -7\u00a0%        Opex   -479   -537   -533   11\u00a0%   -1\u00a0%   -2,009   -2,054   2\u00a0%        EBITDA   2,282   2,178   2,043   -10\u00a0%   -6\u00a0%   8,648   8,636   0\u00a0%        \u6de8\u6536\u76ca   1,381   1,338   1,173   -15\u00a0%   -12\u00a0%   5,001   5,166   3\u00a0%        EBITDA \u5229\u6f64\u7387   37.7\u00a0%   36.7\u00a0%   37.3\u00a0%   -38bps   +55bps   35.4\u00a0%   36.8\u00a0%   +139bps        \u6de8\u6536\u76ca\u5229\u6f64\u7387   22.8\u00a0%   22.6\u00a0%   21.4\u00a0%   -139bps   -115bps   20.5\u00a0%   22.0\u00a0%   +153bps        \u66ff\u4ee3\u7e3e\u6548\u8a08\u91cf\uff1a   \u4e0a\u8ff0\u8ca1\u52d9\u8cc7\u6599\u5df2\u5305\u62ec ADNOC Gas \u6309\u6b0a\u76ca\u6bd4\u4f8b\u7d9c\u5408\u5408\u8cc7\u4f01\u696d (JV) \u7684\u8ca1\u52d9\u696d\u7e3e\u3002  EBITDA \u5df2\u6309\u6b0a\u76ca\u6bd4\u4f8b\u7d9c\u5408\u5408\u8cc7\u4f01\u696d\u696d\u7e3e\uff0c\u610f\u6307\u606f\u7a05\u6298\u820a\u6524\u92b7\u524d\u6536\u76ca\u3002  \u4e0a\u8ff0\u8ca1\u52d9\u6578\u64da\u8207\u6839\u64da\u570b\u969b\u8ca1\u52d9\u5831\u544a\u6e96\u5247\u7de8\u88fd\u7684\u8ca1\u52d9\u5831\u8868\u4e4b\u9593\u7684\u5c0d\u5e33\u8abf\u6574\uff0c\u5df2\u8f09\u65bc\u7ba1\u7406\u5c64\u8a0e\u8ad6\u53ca\u5206\u6790\u5831\u544a\u3002  1 2025 \u8ca1\u653f\u5e74\u5ea6\u6240\u6709\u696d\u7e3e\u6578\u5b57\u5747\u70ba\u521d\u6b65\u672a\u7d93\u5be9\u68382 \u5df2\u5448\u5831\u7684 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6 EBITDA\uff0c\u5df2\u8a08\u5165\u4e00\u9805\u6d89\u53ca\u6574\u500b 2024 \u5e74\u5ea6\u800c\u7e3d\u503c 1.88 \u5104\u7f8e\u5143\u7684\u570b\u5167\u71c3\u6c23\u5408\u7d04\u7e8c\u7d043 \u8cc7\u6599\u4f86\u6e90\uff1a\u570b\u969b\u8ca8\u5e63\u57fa\u91d1\u7d44\u7e54\uff0c2025 \u5e74 10 \u6708 \u8b39\u614e\u8072\u660e\uff1a \u672c\u516c\u544a\u8f09\u6709\u6d89\u53ca ADNOC Gas \u8ca1\u52d9\u72c0\u6cc1\u3001\u7d93\u71df\u696d\u7e3e\u53ca\u696d\u52d9\u7684\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u6240\u6709\u975e\u5c6c\u6b77\u53f2\u4e8b\u5be6\u7684\u9673\u8ff0\uff0c\u5747\u5c6c\u6216\u53ef\u80fd\u88ab\u8996\u4f5c\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u524d\u77bb\u6027\u9673\u8ff0\u4e43\u57fa\u65bc\u7ba1\u7406\u5c64\u7576\u524d\u9810\u671f\u8207\u5047\u8a2d\u800c\u4f5c\u51fa\u7684\u672a\u4f86\u9810\u671f\u8868\u8ff0\uff0c\u5176\u6d89\u53ca\u5df2\u77e5\u53ca\u672a\u77e5\u7684\u98a8\u96aa\u8207\u4e0d\u660e\u6717\u56e0\u7d20\uff0c\u53ef\u80fd\u5c0e\u81f4\u5be6\u969b\u696d\u7e3e\u3001\u8868\u73fe\u6216\u4e8b\u4ef6\u8207\u76f8\u95dc\u9673\u8ff0\u6240\u660e\u793a\u6216\u6697\u793a\u8005\u51fa\u73fe\u91cd\u5927\u5dee\u7570\u3002 ADNOC Gas \u4e26\u7121\u7fa9\u52d9\u56e0\u61c9\u65b0\u8cc7\u8a0a\u3001\u672a\u4f86\u4e8b\u4ef6\u6216\u5176\u4ed6\u8cc7\u6599\u800c\u516c\u958b\u66f4\u65b0\u6216\u4fee\u8a02\u4efb\u4f55\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u5be6\u969b\u696d\u7e3e\u53ef\u80fd\u8207\u672c\u516c\u544a\u6240\u8f09\u524d\u77bb\u6027\u9673\u8ff0\u4e2d\u6240\u8ff0\u3001\u6697\u793a\u6216\u63a8\u65b7\u8005\u51fa\u73fe\u91cd\u5927\u5dee\u5225\u3002 \u8b80\u8005\u4e0d\u5b9c\u904e\u5206\u4f9d\u8cf4\u524d\u77bb\u6027\u9673\u8ff0\u3002 \u95dc\u65bc ADNOC Gas ADNOC Gas \u65bc\u963f\u5e03\u624e\u6bd4\u8b49\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\uff08ADX \u4ee3\u865f\uff1a\u300cADNOCGAS\u300d\/ ISIN\uff1a\u300cAEE01195A234\u300d\uff09\uff0c\u662f\u4e16\u754c\u4e00\u6d41\u7684\u5927\u578b\u7d9c\u5408\u71c3\u6c23\u8655\u7406\u53ca\u92b7\u552e\u4f01\u696d\uff0c\u696d\u52d9\u6db5\u84cb\u6574\u500b\u5929\u7136\u6c23\u50f9\u503c\u93c8\uff1a\u5f9e\u63a5\u6536 ADNOC 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\/\u7f8e\u901a\u793e\/ -- ADNOC Gas plc \u53ca\u5176\u5b50\u516c\u53f8\uff08\u7d71\u7a31\u300cADNOC Gas\u300d\u6216\u300c\u8a72\u516c\u53f8\u300d\uff09(ADX: ADNOCGAS) (ISIN: AEE01195A234) \u4eca\u65e5\u516c\u4f48\uff0c\u6de8\u6536\u76ca1\u5275\u4e0b 52 \u5104\u7f8e\u5143\u7684\u7d00\u9304\uff0c\u8f03 2024 \u5e74\u589e\u9577 3%\uff0c\u8db3\u4ee5\u99d5\u99ad\u5546\u54c1\u9031\u671f\uff0c\u696d\u7e3e\u6301\u7e8c\u7a69\u5065\u3002 \u5118\u7ba1\u5e03\u862d\u7279\u539f\u6cb9\u5e73\u5747\u50f9\u683c\u964d\u81f3 69 \u7f8e\u5143\uff0c\u6309\u5e74\u4e0b\u8dcc 14%\uff0c\u4f46\u516c\u53f8\u4ecd\u9304\u5f97\u7834\u7d00\u9304\u7684\u5168\u5e74\u696d\u7e3e\uff0c\u9019\u51f8\u986f\u5176\u9577\u671f\u7b56\u7565\u7684\u5f37\u5927\u6210\u6548\u3002 2025 \u5e74\u6de8\u6536\u76ca\u8868\u73fe\u5f37\u52c1\uff0c\u4e3b\u8981\u52d5\u529b\u4f86\u81ea\u672c\u5730\u71c3\u6c23\u696d\u52d9\uff0c\u5176\u92b7\u552e\u91cf\u6309\u5e74\u589e\u9577 4%\uff0c\u52a0\u4e0a\u5546\u696d\u689d\u6b3e\u6539\u5584\uff0c\u5e36\u52d5 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