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.
This merger will add 2,700 vehicles to Dubai Taxi Company's fleet
By Talal M. Al Gaddah, CEO and Founder of the Keturah luxury brand Dubai's luxury…
Emirates Power Investment now holds a 22.27% stake in Emaar Properties, and ICD no longer…
Keturah founder says government vision and national mandates have made human wellbeing a development priority…
Free cash flow increased 12% year-on-year to $356m
Archer’s Midnight aircraft had entered a Restricted Type Certificate (RTC) program