Welcome to the ADNOC Gas Q4 and FY 2025 earnings call. Following the formal presentation, there will be a question-and-answer session. During Q&A, participants will be able to ask both text and live audio questions. To ask a text question, select the messaging icon, type your question in the box towards the top of the screen, and press the Send button. To ask a live audio question, press the Request to speak button at the top of the broadcast window. The broadcast will be replaced by the audio questions interface. Please press on Join the Queue if prompted, and select Allow in the pop-up to grant access to your microphone. Please note that if you are using the dial-in number, remember to press star six to join the queue to speak.
In both instances, you will be placed in a queue where you will be able to listen to the meeting proceedings while you wait for your turn to speak. I will introduce each caller and ask you to go ahead. You will hear a beep indicating that your microphone is live. Thank you. I will now hand over to Richard for the formal presentation.
Good afternoon, and welcome to the ADNOC Gas full year and Q4 2025 earnings call. My name is Richard Griffith, and I am the Acting Vice President of Investor Relations at ADNOC Gas. Next slide, please. Excuse me. As a publicly listed company, I need to remind you of our disclaimer on this slide, which we encourage you to read. It contains important information, and we advise caution on the interpretation and limits of historical data and forward-looking statements. For reference, the presentation slides are available on our investor relations website. Next slide, please. Presenting today will be our CEO, Fatema Al Nuaimi, CFO, Peter van Driel, and Senior Vice President of Marketing, Rashid Al Mazrouei. I will now pass over to Fatema Al Nuaimi to talk through the highlights for 2025.
Thank you, Richard, and thank you everyone for joining our call today. 2025 was an exceptional year for ADNOC Gas, marked by several important milestones and progress on significant projects, continued growth across our business, and steps to further drive shareholders' value creation. As we continue to execute on our strategy, we are firmly on track to deliver on our strategic objectives in 2026 and in the years beyond. We started the year with our secondary offering, the first marketed offering in the UAE, raising $2.84 billion. The transaction was 4.4x oversubscribed, reflecting the continued confidence in our investment proposition.
The offering increased our total free float to 9%, paving the path for our successful inclusion in the MSCI and FTSE indices, which resulted in around $750 million of inflow from passive funds, helping further broaden our global shareholders base. Looking at our business, we are committed to investing around $20 billion in projects through 2029, which we expect will increase our gas liquids processing capacity by around 30% over the period. We are already making progress, having reached final investment decision on Rich Gas Development Phase 1, committing $5 billion to debottlenecking projects that support long-term earnings growth. Additionally, we also successfully commissioned IGD-E2, enabling 350 million SCF of gas supply from offshore to onshore.
Finally, and on dividends, in line with our commitment to shareholders' return, we have also announced a total dividend of $24.4 billion for the period 2025-2030, with quarterly dividend payments having commenced in Q3 2025, providing greater visibility and flexibility to investors. Next, please. Now I will take you through the key highlights for the period, along with more details on our overall performance. On performance, for the full year, we delivered a record-high net income of $5.17 billion, which is 3% up compared to 2024, and a flat EBITDA stands at $8.64 billion, despite operating in a 14% lower oil price environment, which clearly demonstrates the resilience of our business model.
These results were largely supported by our domestic gas business, which continued to perform strongly, with domestic gas EBITDA reaching $3.4 billion in 2025, up by 28% compared to the financial year 2024 Q2. This was driven by 4% year-on-year growth in domestic gas sales, backed by strong UAE demand, alongside continued improvement in underlying margins, which increased to $1.16 per MMBtu, up 7% year-on-year. Coming to our growth projects, as mentioned, we have committed $20 billion in capital expenditures. This includes, this excludes the Rich Gas Development Phases 2 and 3, related spending as we continue to invest through the cycle to deliver our long-term growth ambitions.
We are making good progress across our major projects, with the FIDs for the remaining phases of Rich Gas Development 2, which are 2 and 3. This is expected to take place in weeks from today. Our current guidance is for achieving 40% EBITDA growth by 2029. However, we see significant upside to the long-term EBITDA target, driven by the upcoming projects I just talked about, which are Rich Gas Development Phases 2 and 3. On dividends, in line with our dividend policy, dividends for Q4 2025, pending AGM approval, will be $896 million, representing a 5% increase and contributing towards our dividend distribution target of $24.4 billion, 2024-2030. Next, please.
I'm also proud that we delivered record results in 2025 against a backdrop of lower oil prices environment compared to the IPO year of 2023, which strongly underlines the stability of our earnings profile and our confidence in delivering sustainable value through the cycle. Net income grew by 17% to the number I mentioned earlier, $5.17 billion in 2025, from the $4.4 billion in 2023. Compared to 2024, net income was up 3% year-on-year, demonstrating our resilience to market volatility. Within this, we saw $640 million improvements in domestic gas contribution versus 2023, while lower oil prices impacted ELT and LNG contribution. Finally, a few thoughts on AI.
In 2025, we made early progress in deploying AI and robotics across our operations. We delivered $50 million in value last year through initiatives such as the AI-operated control room at Taweelah Gas Compression Plant and in Bu Hasa, closed-loop real-time optimization on Ruwais, and advanced drone and robotics deployment across key assets. Looking forward, these foundations position us to unlock up to $900 million in value by 2030, driven by autonomous operation, AI-led production optimization, and intelligent asset performance. This is a major enabler of both efficiency and long-term sustainable value creation for ADNOC Gas. With that, I now hand over to Rashid, our SVP Marketing, to tell us more about the dynamics of the market.
Thank you very much. And I think the main headline is 16% lower in terms of the oil environment compared to when we were IPO'd, but with a resilient result. And what drove these resilient results was, in 2025, we secured $74 billion worth in sales agreements, and this reflects our strong execution across both domestic and international LNG. On the domestic side, we secured two long-term supply agreements with key customers, strengthening our long-term visibility in our core market, and this was one of the key promises that we made as ADNOC Gas at the time of launch, and now we are delivering on that promise. But not only are we delivering on that promise, we're going beyond that in terms of LNG.
We have secured over $60 billion worth of long-term agreements, and this increases our customer footprint across Asia and Europe. Just for the record, on Ruwais LNG, these are contracts that will, that will be existing for the next 20 years. They are most of them 15-year contracts that start with the launch of Ruwais LNG, but that are contracts that will continue to deliver value for ADNOC and ADNOC Gas for 20 years ahead. These are top-tier customers in the industry, and many of them are customers that had bought from the Middle East for the very first time. In the history of LNG, there are not, I would say, in the recent history of LNG, there is no project that has marketed on a joint venture basis to all these customers around the world.
When you look at most projects internationally, the offtake has been taken by the partners themselves and has not been sold on to third-party to end users. With our project, it is all to third- mostly to third-party buyers, and in these premium markets from Japan in the Far East, all the way to Germany in the north of Europe. Next slide. And this is, you know, just to elaborate on that, this is where we actually believe that LNG is the future. ADNOC took FID on the project at the time, with 50% done only in heads of agreement, and within a year, we have sold all of those as part of sales and purchase agreement.
And on Ruwais itself, Ruwais is running at the moment ahead of schedule, and this also shows the operational resilience that we have in ADNOC Gas and the track record of the way that we plan and run our projects. The first train we expect to come in the second half of 2028, I'd say at the end of 2028. And the second train then coming in the middle of 2029, and this takes our total LNG that will be produced to 15 million tons from the 6 million tons that we produce today. Well, enough of me boasting, and I'll move you on now to Peter, to our CFO, to talk about the financial results in more detail.
Yeah. Thank you, Rashid, and good afternoon. Let's have a look at the macro first. You can see, we have operated in 2025 in challenging environment, right? Average year-on-year, Brent 14% down, Q-on-Q, 15% down, and CEO already mentioned the resilience of the company, where the net income was $5.2 billion compared to $5 billion last year. So that's a 3% uptick in this lower oil price environment. I also want to show you the LPG market. You see that, LPG had a tough fourth quarter, but when we look forward, January, you see it recovered above the $500 levels. As a reminder, LPG is important for us. It's 25% of our revenues. Next slide.
We have shown you this before, progress on our sales volumes. And again, I've said this many times, if you're looking for a proxy for the growth in sales, the GDP growth of the UAE is a good indicator. I think in that sense, 25 is, on the graph, you compare, for example, Q- on- Q, we saw the increase of 5% of sales volumes. What you also see on the graph, by the way, is the seasonality. Our peak is normally more in the summer, when it gets very warm in this part of the world. Overall, we are able to demonstrate again the strength of the domestic market.
If you look at the fourth quarter 2024, in terms of TBtu, so that's the unit we use to denominate our volumes, 567 versus 595, these volumes are really driving performance. Let's go to the next slide. Now, if we zoom in on the domestic market first, and then I'll talk about the export market hereafter. Again, if you look at the top line, you see the volumes that I was talking about before, right? That's the 5% increase in volumes, quarter-on-quarter. The EBITDA, however, increases by 6%. That means that, again, quarter-on-quarter, we were able to enhance our margins, unit margins, on the back of our commercial activities in the UAE.
If you look at the years on the right-hand side, that impact of our commercial effort becomes even clearer, where you see a volume growth of 4%, 2024 versus 2025, but the EBITDA going up by 10%. Right? And you can only do this when you exercise your commercial activities in country, and it's a combination of contracting negotiations, it is about customers paying for flexibility, and we also have done a number of more ad hoc type transactions, where we supply together with one of our customers, electricity inside the GCC. So stretching the commercial imagination is what drives this success. Next slide. Now, here we see the export, and let me see. Let's go to the right-hand side. You see that the volumes were flat, for the export. That is mainly explained by maintenance activities in the LNG facilities.
Then you see the price impact of 10%, that we spoke about before. So this impact is more than offset by the strong performance in the domestic market. Next slide. Total EBITDA. So this is the company, right? So now we merge the domestic growth with the performance in the export market, and if you look at the right-hand side, you see clearly that volumes go up 2%, and despite the fall of 14% on average of Brent, we're able to maintain our EBITDA. And that is what we refer to as the resilience for the company. If you are able to sustain such a performance in a year with a 14% decline in the oil price, I do believe that we can claim resilience for our performance. Next slide. Now, you've seen that our investments are stepping up.
That is not a surprise, given that we have announced a $20 billion committed expenditure, and that excludes phase two and three of the Rich Gas Development. We will take FID on the Rich Gas Development Phase 2 and 3 this quarter, so it's imminent. But you can see the step up. And that is very much driven by the spending that we do in our major growth projects. You see them listed, and the first bullet, IGD-E2, which we commissioned. Then we got MERAM. MERAM is the ethane recovery for supplying ethane to Borouge, the chemical company, and last but not least, the Rich Gas Development. The first phase, which is mainly the debottlenecking activities of our assets, is also taking place, and that comes with an increased expenditure.
For next year, you will see that we've indicated a range between $4-$4.5 billion for 2026. I'll come back to the outlook for that year. I just want to give you a heads-up that that number, $4 billion-$4.5 billion for 2026, excludes the impact of Rich Gas Development Phase 2 and 3. Next slide. So in that environment where the company pays a dividend that, as CEO mentioned, grows every year by 5%, you will notice that our free cash flow is quite strong. After paying dividends, we were able to add to our bank accounts close to $500 million, which shows the strength of the balance sheet. We have not used our financing arrangements.
The only arrangements that we're using is for working capital management, but over time, we will start using the balance sheet more and more to finance our growth. But even when we use our balance sheet going forward to finance the growth, the company will not have more debt than 2x EBITDA. So that's a very comfortable position to be in. Last point I wanted to draw your attention to is, you notice in the bridge that there is a transfer of ESTIDAMA. As a reminder, ESTIDAMA is the pipeline that connects us with the northern part of the Emirates. Having that pipeline in place will allow us to deliver gas to more customers that we can't reach today, and the pipeline is an infrastructure play, where we believe that it is probably better that ADNOC, the parent, and ADNOC Gas will pay for usage.
It's a clear example about capital discipline, right? If we look at our major growth projects, they have returns, mid-teens, 15% IRR plus, and infrastructure doesn't give you that kind of return. So we were glad to transfer the pipeline to ADNOC and pay for usage. And I believe it's now time to look at the next slide. To the year 2026, we provided you with the guidance, the EBITDA margin. And remember, at IPO, we gave an EBITDA margin guidance of 33%-35%. And last year we were very close to 37%, 36.8%, to be precise. Our guidance this year, 36%. It depends whether some of these other transactions, like gas to electrons, will happen again. You know, these are tenders, so we have not included that yet in the guidance.
The volumes, you will see the steady growth, and then last but not least, if we look at the exports, we use $60 per bbl-$65 per bbl to guide you on the export and traded liquids, unit margins, and also for the LNG joint venture projects. So far, we expect it to be in the range of $250 million-$300 million net income. And last but not least, you see the CapEx guidance that I referred to before, $4 billion-$4.5 billion, and that excludes phase two and three of the Rich Gas Development. I believe that's the end of my part, and I suggest I'll go back to Richard for the Q&As.
Thank you, and, if we can go back to the moderator, please, we'll be straight into Q&A session.
Thank you, Richard. We will now proceed with the Q&A session. Just a reminder, participants can ask both text questions and live audio questions. To ask a text question, please select the messaging icon, type your question in the box towards the top of the screen, and press the Send button. If you wish to ask a live audio question, press the Request to Speak button at the top of the broadcast window. This will be replaced by an audio questions interface. Press Join Queue, and if prompted, select Allow in the pop-up to grant access to your microphone. If you are using the dial-in number, please remember to press star six to join the queue to speak. Once you are in the queue, you can listen to the meeting proceedings while you wait for your turn to speak.
I will introduce each caller, and you may go ahead once you hear a beep indicating that your microphone is live. With that, I see we have our first dial-in question. Please proceed once you hear the beep. Thank you.
Hello, can you hear me? It's Alex Comer from JP Morgan here. Can you hear me?
Yes, Alex, we can. Yes.
Yeah, just a quick couple of quick questions. Just firstly, on the expectations for sulfur, it looks to me like you made about $31 million per BTU in the fourth quarter. Sulfur prices were about $420. You know, sulfur prices are now, you know, close to $520. It looks to me like if they stayed at that level, you'd make something like $500 million-$600 million for the year. So that's almost twice as much as you guided. So presumably, you're expecting sulfur prices to come down, so maybe you could confirm that. That's the first question. The second question is, I mean, obviously, you may give some more information as when you give FID on the two rich gas projects.
But I was just wondering if you could give us an indication of roughly the amount of CapEx and roughly the amount of return you expect to make on that. And then the third question is just with regard to this EBITDA guidance of +40% by 2029, I mean, you indicated on the call that it would be higher than that, and most people, most people are comfortable with that. But just what is actually in that number in terms of projects and what isn't? Because I think at one point we were expecting Ruwais not to be in, but now it looks like Ruwais is gonna start and be pretty much fully in by 2029. So just what's in that 40+, and what isn't? And, you know, maybe give an indication on that.
Thanks.
Right. No, thanks, Alex. First point of clarification for sulfur. I think now the pricing information you gave is correct, but ADNOC Gas is not a sulfur producer in the sense that it is a priority for us. If you take rich gas, you will prioritize that over sulfur because the margins are more appealing, right? So I do not disagree with what you said, but if you look at the overall picture, we first prioritize rich gas for export and then sulfur as a by-product. So it is not a function of price, it's a function of volume that drives the outlook. Rich Gas Development Phase 2 and 3, fid is imminent. I cannot tell you what the total awards will be.
In the past, we said if you want to have some proxy, it's probably not a bad idea to use, let's say, $4 billion for each train. Phase 3 is a new fractionation plant in Ruwais, where today we have four fractionation plants, and we add a fifth one to it. Then we also need to build a new processing plant. That's a greenfield expansion, and, you know, as a yardstick, as, as something like $4 billion is probably not a bad estimate. This will all be subject, of course, what the final tenders will tell us. That will drive the true cost of that operation. Last but not least, thank you for the question.
Just to clarify one more time, we have shared with you that we expect in the year 2023-2029, EBITDA to grow by more than 40%, and that gives us 30% more capacity, and that is achieved with $20 billion of committed CapEx. Now, what's included in that guidance? First, the IGD-E2 project. Two, MERAM is part of it. Three, Ruwais LNG, which comes at cost to us in the second half of 2028. And then last but not least, the Rich Gas Development Phase 1. So the moment we would take FID on Phase 2 and 3, you will see the EBITDA guidance going up from the previous 40% plus guidance, and CapEx will go up by a certain amount. As I said, a guidance you may want to use is four billion dollars each for the trains.
So thank you for that. I hope that's clear. Then there is another question on the screen, and the question is: Why is the domestic gas net unit profit margin in 2026 lower in the guidance than 2025? Now, as I said before, we have a number of activities, and, under Rashid's leadership, we pursue every opportunity to create more value. And our sales and marketing has been very successful in that last year by concluding not just only the gas to electric sales, also a number of swaps were undertaken, but not all of them are either long-lasting, they are tenders. So what we have excluded from the 2026 guidance are events that are not recurring necessarily. Do you want to say more to that, Rashid?
I think you said it all, and I think also we need to put in mind that we also have some shutdowns planned for this year. So that also impacts the, you know, the absolute sum of the domestic gas sales. The most important thing is that we carry on rolling our business forward, looking for these short-term opportunities that are emerging in the UAE and throughout the GCC. On sulfur, if we go back just to on the sulfur part, I think it's very important that we remember that sulfur historically has been $95 per ton, and it being up to $500 is unprecedented. This was mainly driven by lack of exports from Russia and Kazakhstan.
Also we've been cautious in the outlook because it is evident, it is evident that the prices are on a historic high there.
Maybe I'll use the opportunity also to explain a little bit how some of our contracts in the domestic market work. If you look at the power sector, the power sector is going through an energy transition. The power sector is, and will use more and more solar. I think that's very good for us, that's very good for the environment, it's very good for the UAE. What it means is that from our perspective, we free up gas that we can sell elsewhere, and as a reminder, the pipeline going to the north, ESTIDAMA, will unlock new opportunities for us. Secondly, if you have more solar in the mix, it means that you get more swings in gas demand, particularly during the day. That will only increase if you have more and more solar plants active in the UAE.
Ultimately, you get to a situation which is getting close to, during the day, no gas, only at night. So those are called intraday swings. On top of that, you have seasonality, because you know that the summer we demand more energy. Those intraday swings are either by the solar plants, catered for by means of batteries, and that's one way during the day you generate energy, and you store it, and then you balance it. But also, Abu Dhabi Gas is, in terms of production, really, really big, and we've got 10 BCF production, and that's going to grow to 13. And because of the size, we can also help with managing these intraday swings.
Now, if you then look at the contractual arrangement with the power company, you basically have a system where the power company pays for the base load, and then you've got several layers, tiers on top of that. So the bigger the swing, the more the power company will use the higher tiers. We do not know in advance what will be used on top of the base load. So I'm coming back one more time to the outlook for 2026. When we plan, we can only plan to a certain extent for the base load and some of the lower tiers, but not for the higher-priced tiers. We simply don't know how big the intraday swings are going to be.
So that makes our forecasting a little bit more challenging, and so, in short, do mind that there are uncertainties with respect to demand from the power sector, including the intraday swings and all the commercial activities that Rashid was referring to, which do not have a recurring nature by definition, but are actively pursued, and we've done that quite successfully in the year 2025.
We have a dial-in question. Caller, if you are still online, please proceed with your question once you hear the beep.
Hi, it's Oliver Connor from Citi. Thank you for taking my question. Just to come back to the gas business, and obviously, you have a target around, you know, improving utilization, which I see you, you've done a certain set in 2025. Obviously, that's important, in the interim before, you know, new gas volumes come through. So can you just maybe talk a little bit about progress on your utilization target and how we should think about the, I guess, the sort of profile of that up until 2029 to reach the target? Thank you.
In 2025, our utilization was 85%. So that is a really good way to deliver value. After all, the infrastructure is in place, and you maximize utilization. 85%, we've got a little bit more room to enhance that further. But as we have said before, the increase in production of raw gas simply is such that we cannot utilize only our existing infrastructure. So what is the growth? Step one, you debottleneck your existing infrastructure, so you do more with the same. It's like fine-tuning your engine, which is Rich Gas Development, Phase 1. Then you go into building new infrastructure, which is Phases 2 and 3.
Of course, we also have our other growth projects, MERAM, that one extracts more ethane than what we can do today to ensure that Borouge, our sister company, gets all the ethane that they need for their expansion with cracker number four. We have already commissioned IGD-E2, which is enabling us to process more gas coming from the offshore fields. IGD-E2 is very much enabling us to compress gas and then pipe it to the onshore production facilities. That, I think, is about how it will play out in the coming years. But 2025, and to a certain extent, 2026, are perfect ways of growing your business because you make the most of what you've got. It's a very capital light way of growing your business, and 85% is the number for 2025.
Thank you. We have another dial-in question. If you wouldn't mind proceeding with your question once you hear the beep?
Yes. Hi, thank you. This is Ildar Khaziev from HSBC. I have two questions. The first on the NGL margins. I think your guidance implies that the margins will be flat versus Q4 2025, or be, like, almost 10% higher. Is this just a macro view, or there are some maybe, mixed factors in your guidance for the liquid margins? And secondly, I wanted to ask your guidance for the MERAM project completion. When do you expect this? Do you factor in any impact from MERAM in 2026 guidance? Thank you.
Well, on the first point of the question, it's all. Really, it's volume versus market price, and, you know, that's what has been leading our guidance there. Ultimately, we try throughout the year to optimize our shutdowns, make more volumes available, and also tap into markets that might have some prompt demand that would push that margin up. But as of now, it's just volume versus commodity price. On the second point, on the MERAM margin.
Yeah. So, MERAM is not factored into our guidance for the year 2026, right? You know that we are commissioning a plant, making sure everything works in accordance with the specifications before we generate revenues. And we have said MERAM is a commissioning for 2026, which will likely go in several phases as well, so it's a gradual startup. I do not see revenues coming from MERAM in 2026.
We have another dial-in question. Caller, please proceed to speak once you hear the beep. Thank you.
Yes. Hi, this is Faisal Al-Azmeh from Goldman Sachs. A couple of my questions have been actually answered. Maybe I just want to ask a question about the LNG facility, and as we think about some of the news that came out in terms of the acceleration of the build-up there, do you see any opportunity to bring that facility online before 2028? Or is that something that is likely set in stone at this stage? That's my first question.
On Ruwais LNG, no, we don't see it coming before 2028, and the guidance that we have is that it will come late in 2028. So we'd be assuming that it would come really late in the latter half of that year. We are ahead of schedule as we speak now, so any day—when we talk about being ahead of schedule and making any difference, it will be in a matter of weeks and months, but not in a matter of a year. And that's when our contracts anyway start.
They start in 2028 and 2029, and bringing the project too far forward would mean that we would have to sell a big bulk of these volumes, maybe in the spot market, and we hadn't, you know, measured for that.
We have an audio question from Jean-Pierre. Jean-Pierre, please proceed to ask your question once you hear the beep. Thank you.
Yes. Hi, everyone, Jean-Pierre Ané from Kepler Cheuvreux. Two questions. First on the CapEx.
Your guidance of $4 billion-$4.5 billion reflects a marked increase compared to the $3 billion guidance initially expected for 2025. Could you give us some color on the main components of your CapEx guidance, in particular, what's the maintenance level inside this number, and the main projects where you will inject that will contribute to this CapEx? And also, clarify why the CapEx for 2025 slipped a bit compared to the initial guidance. The second question is about the execution of the RGD Phase 1 project. In the press release of this project, in June, I think you mentioned the name of some contractors, including Petrofac.
But in late October, as you know, that company applied for the appointment of an administrator due to financial difficulties, and there have been reports of workforce reduction at their office in the UAE. So I guess the question is: what can you say to reassure your stakeholders on the smooth execution of this project on time and on budget, despite this situation with this contractor? Thank you.
Okay. Let me start with the last question, because I think that's a great question. All right? So Petrofac Emirates is one of our contractors, involved in projects, and the one you refer to is correct. It is the debottlenecking of our activities on Das Island offshore. So that's part of the first phase. I can say that today there has been no impact from the financial troubles that the holding company is going through, and that really is something we monitor very, very actively. You can imagine when we got the news about all of this, we also had some concerns here that this might lead to a delay. Now, because it's offshore, there's no impact on manpower to date. And that, like I say, I can say no impact whatsoever on Petrofac.
So that's really good news, I might say. We've been watching this closely. We are fully aware of the risk and, yeah, one to watch, and we constantly engage also with Petrofac management on progress. Then back to the CapEx question. So let's start with 25, that's probably easier. Guidance was $3 billion, we did $3.6 billion. You see that, and this is expected, I think when you ramp up your activities, that we have growth. In 25, we saw quite a positive impact from MERAM. So when you progress your projects, the payments are based on milestones. When a contractor reaches a certain milestone, then you will pay the contractor. It was very much IGD-E2, MERAM. We also have certain expenditure for Ruwais LNG. Now, Ruwais LNG is on the balance sheet of ADNOC, all right?
Let me be very clear, and it will be transferred to ADNOC Gas in 2028. So Ruwais LNG itself is not in our CapEx, but we have to make certain investments to be ready to pre-condition the gas, in particular, for when Ruwais LNG is starting to go through commission. So that is another element of the expenditure. Last but not least, the debottlenecking as part of phase one of the Rich Gas Development. Then you also rightly said, you know, what else is there? We have a lot of maintenance that we also capitalize. That, of course, varies by year. In 2025, it's about $400 million, but it ranges between $400 million and $600 million. So the more shutdowns you have, the higher your maintenance as part of CapEx will be.
If we then look forward for next year, we will continue a large element of our investments to focus on MERAM. The first phase of the Rich Gas Development will also continue to take a lot of capital. Then we will have 2026 completed, the $4 billion-$4.5 billion. Of course, as I said before, this may all change if we take the final investment decision on the second and the third phase. If we take an FID decision on the second and the third phase, we will make an announcement, and we will need to update our CapEx guidance for the full five-year period, and also for the year 2026. I hope that clarifies.
I think we have some-
That is all.
I think we have some questions here that. So there is one question from from Thomas Mathew about. Well, that was answered. There's a question here about the more on what the gas-to-electrons sales are. This is by Ahmed Kamal. And just, this is where we we sell gas to a utility provider, but then that utility provider generates power and sells it then across the GCC network to end users in the region. And these sales happen on a continuous basis when and how demand-- whenever demand rises. And of course, in the GCC, the the the connectivity between the countries is is being increased as we speak, which allows for more liquidity in that market.
We then have a question from Yash, who's asking: How much money in CapEx in $ billion is going to be spent on RGD Phase 2 and 3 in 2026, 2027, and 2028?
Yeah, I think I mentioned in answer to the previous question already, that for now, we will make an additional disclosure if and when we take FID on Phase 2 and 3. The disclosure will show the total CapEx for the period 2023-2029, possibly 2030, when you include those two phases on top of your committed $20 billion. And when we make the announcement, if and when, we will also give you more details on the phasing and the contribution of these two phases to the total.
Thank you. Then, any update on the negotiations to extend the domestic gas tax holiday beyond 2027?
No is the answer. No. No. I've got nothing more to add to that. Simply that.
Perfect. I think that is it for questions. I will hand back to you guys to close. Thank you very much.
Well, thank you for your questions this afternoon. Do feel free to reach out to the investor relations team, Faisal, Zsolt, or myself, if you have any further questions or queries on the documents we circulated today. So thank you very much again for your attendance today, and hopefully we will see you all very soon. Bye-bye.