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  • ADNOC and TAQA Reach Financial Close on Sustainable Water Supply Project
    édité le 25/09/2023 - Plus de news de "ADNOC" - Voir la fiche entreprise de "ADNOC"


ADNOC and TAQA Reach Financial Close on Sustainable Water Supply Project
   - Sustainable seawater treatment facility and transportation network will enhance up to 30% energy efficiency across ADNOC’s onshore operations
   - Strategic investment between two Abu Dhabi energy giants to be delivered by consortium of Orascom Construction and Metito
   - Over 60% of the project value to flow back into the UAE’s economy under ADNOC’s highly successful In-Country Value program

ADNOC and Abu Dhabi National Energy Company PJSC (TAQA) have successfully completed the financial closing of their $2.2 billion (AED 8.3 billion) strategic project to provide sustainable water supply for ADNOC’s onshore operations.

This strategic investment between two Abu Dhabi energy giants entails developing and operating facilities to sustainably treat and supply seawater for ADNOC’s operations at the Bab and Bu Hasa fields in Abu Dhabi, furthering ADNOC’s efforts to decarbonize, transform and future proof its business.

A consortium comprised of Orascom Construction and Metito (the Consortium) will construct a centralized world-class seawater treatment facility and transportation and distribution network. ADNOC and TAQA own a joint 51% majority stake (25.5% each) with the Consortium owning the remaining 49% stake in the project company, that will develop the project under a build, own, operate and transfer (BOOT) model, with the full project being transferred to ADNOC after 30 years of operation.

The project will be financed by a group of nine local and international banks, including First Abu Dhabi Bank (FAB), Gulf International Bank (GIB), Natixis, Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), Commercial Bank of Dubai (CBD), Emirates NBD (ENBD), Emirates Development Bank (EDB) and Warba Bank through a combination of commercial and Islamic finance facilities. The balance of the project cost will be provided by the project sponsors in accordance with their equity shares.

Abdulmunim Al Kindy, ADNOC Upstream Executive Director, said: “This strategic sustainable investment is a further example of how ADNOC is transforming, decarbonizing and future-proofing our operations as we fully embrace the energy transition. At the same time, we are delighted to work in collaboration with TAQA to deliver another innovative project that will drive long-term value to Abu Dhabi and the UAE. As we accelerate our transformational journey to a lower-carbon future, this innovative project will equip our onshore operations with energy-efficient water supply, significantly reducing our carbon footprint.”

In line with the objectives of ADNOC’s highly successful In-Country Value (ICV) program, more than 60% of the value of the project is expected to flow back into the UAE’s economy.

Jasim Husain Thabet, Group Chief Executive Officer and Managing Director at TAQA, said: “We are proud to have reached financial close on this important project, which has progressed rapidly since its inception. The collaboration of industry leaders TAQA and ADNOC allows us to deliver a world-class sustainable water project that not only reduces energy consumption but also bolsters energy security. As a low carbon power and water champion, and a fully integrated utility company, TAQA is a partner of choice for industrial players seeking to decarbonize their operations through the provision of sustainable water and power solutions and investment in the critical infrastructure needed to enable net zero."

Replacing the current high-salinity, deep aquifer water systems at the fields, the project is expected to reduce water injection-related energy consumption by up to 30%. Connected to the grid, the project is expected to receive 100% of its power from clean energy sources.

About ADNOC

ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification.

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.


Origine : Communiqué ADNOC

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