A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. REUTERS/Christopher Pike/File Photo
DUBAI, Dec 22 (Reuters) – Abu Dhabi National Oil Co (ADNOC) and Abu Dhabi National Energy Company PJSC (TAQA) on Wednesday announced a $3.6 billion project to reduce the carbon footprint of ADNOC’s offshore production operations by more than 30%.
The project will develop and operate a subsea transmission system in the Middle East and North Africa region, replacing existing offshore gas turbine generators with more sustainable power sources available on the Abu Dhabi onshore power grid.
The project will be funded through a special purpose vehicle owned 30% each by ADNOC and TAQA, with the rest held by a consortium comprised of Korea Electric Power Corp (015760.KS), Japan’s Kyushu Electric Power Co (9508.T) and Électricité de France (EDF.PA).
Led by KEPCO, the consortium will develop and operate the project for 35 years alongside ADNOQ and TAQA. Reporting by Saeed Azhar; Editing by Devika Syamnath
Our Standards: The Thomson Reuters Trust Principles.
This article was originally published by Reuters.
Completion of the reviews would unlock about $28 million in new financing, with growth projected…
New multi-million-pound FIA Remote Operations Centre underlines FIA commitment to delivering highest standards of safety,…
They are ‘the lifeblood of our sport, and without their dedication, professionalism and passion, there…
Li will leave on November 30 at the end of his term; Liao, currently China’s…
The “The UAE. A Closer Look” initiative sent photographers to capture an emirate that is…
12,428 homes transacted in January–August 2026 against 9,788 in the whole of 2025; eight-month volume…