Media ININ Economy We Trust
September 25
ADNOC and Abu Dhabi National Energy Company PJSC (Taqa) announced today the successful completion of a financing deal worth 8.3 billion dirhams ($2.2 billion) to finance their strategic project, which aims to provide a sustainable supply of water to ADNOC’s onshore operations. .
This strategic investment by two of the largest energy companies in Abu Dhabi aims to develop and operate facilities to treat seawater in a sustainable manner, and supply it to ADNOC’s onshore operations in the Bab and Bu Hasa fields in Abu Dhabi, thus enhancing ADNOC’s efforts to reduce… emissions, and developing its operations to ensure that it keeps pace with the future.
The consortium, which includes Orascom Construction and Metito, will undertake the work of establishing a world-class central seawater treatment facility and a network for transporting and distributing treated water. ADNOC and TAQA own a majority stake in the project company at a rate of 51% (25.5% each), while the consortium of construction companies owns the remaining stake (49%). The project will be developed according to the build, own, operate and then transfer model. (BOOT), with full ownership of the project being transferred to ADNOC after 30 years of operation.
The project will be financed by nine local and international banks. Including First Abu Dhabi Bank, Gulf International Bank, Natixis Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Emirates NBD, Emirates Development Bank, and Warba Bank, by providing a range of commercial and Islamic financing facilities. The remaining amount of the project cost will be provided by the partners according to ownership shares.
On this occasion, Abdul Moneim Saif Al Kindi, CEO of ADNOC’s Exploration, Development and Production Department, said: “This sustainable strategic investment is another example of ADNOC’s efforts and initiatives to reduce and develop the emissions of its operations and ensure they are future-proof, in its endeavor to contribute to enabling the transition in the energy sector.” . As part of ADNOC’s ongoing efforts to accelerate the paradigm shift that aims to develop and modernize its business to contribute to building a low-emission future, we are pleased to cooperate with TAQA in implementing this new innovative project, which will provide ADNOC’s onshore operations with energy-efficient water supplies, and also contribute In reducing its environmental impact.
It is expected that more than 60% of the value of this project will be redirected to the local economy through the “ADNOC” program to enhance local added value.
For his part, Jassim Hussein Thabet, Group CEO and Managing Director of Abu Dhabi National Energy Company (TAQA), said: “We are pleased to announce the completion of the financing deal for this important project, which has witnessed rapid progress since its launch. This cooperation between the two leading companies in the sector, TAQA and ADNOC, will enable us to complete a world-class sustainable project that reduces electricity consumption and enhances our efforts towards ensuring energy security. “Based on TAQA’s position as a pioneer in fully integrated, low-carbon utilities, it is considered the partner of choice for other sector companies seeking to decarbonize their operations, by providing sustainable solutions for water and electricity, and investing in the vital infrastructure necessary to achieve climate neutrality.”
The project is expected to contribute to reducing the electricity consumption required by water injection operations by up to 30%, by replacing the deep, highly saline groundwater system currently used in the fields. The project is expected to obtain all of its electricity needs generated from clean sources
