Iran Attacks UAE Habshan Gas Complex

The United Arab Emirates' main gas-processing complex, Habshan gas facility, operated by ADNOC Gas, was targeted multiple times by Iran during the West Asia war. These drone and missile attacks caused fires and production halts, leading to the complex currently operating at 60% capacity. ADNOC Gas anticipates achieving 80% restoration by the end of 2026, with full capacity not expected until 2027. The company reported a 15% decrease in net income for the first quarter, attributing the drop to increased regional uncertainty and difficult market conditions, exacerbated by Iran's blockade of the Strait of Hormuz. This blockade, which affects about a fifth of the world's oil and natural gas, is projected to cost ADNOC Gas between $400 million and $600 million in the second quarter alone, with full-year net income forecasts significantly reduced.