The United Arab Emirates' main gas-processing complex, one of the world's largest, will not resume full capacity until next year, its operator said Tuesday, after it was targeted in the Middle East war.
ADNOC Gas said the Habshan site in the capital Abu Dhabi, which supplies gas across the UAE, was operating at 60 percent and "the company is currently working towards achieving 80 percent restoration by the end of 2026, with full capacity restored in 2027".
The complex was targeted several times during the war, with production halted on at least three occasions after falling debris from interceptions of projectiles caused fires.
Iran targeted the UAE more than any other country during the war, launching drone and missile attacks at US assets but also civilian infrastructure including airports and energy facilities.
In a statement sharing its first quarter results, ADNOC Gas reported $1.1 billion in net income, a 15 percent decrease compared to the same quarter last year.
It said the drop was caused by "increased regional uncertainty and difficult market conditions" as the energy sector faces major disruption due to Iran's blockade of the Strait of Hormuz.
The closure of the strait, through which about a fifth of the world's oil and natural gas usually passes, is expected to cost ADNOC Gas between $400 million and $600 million in the second quarter, even if the waterway is reopened in that time.
If the strait opens in the second half of 2026, the company expects its full-year net income to range from $3.5 billion to $4.0 billion, compared to $5.2 billion last year.
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