Adnoc Ties With Up TAQA And Ropes IN
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Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (TAQA) have now decided to enter a deal worth $3.8 billion to put into action a strategic project to power and decarbonize Adnoc’s offshore production operations.
This has been
done through a consortium comprising Korea Electric Power (Kepco), Kyushu Electric
Power Company (Kyuden) and Electricite de France (EDF). This consortium will build,
own, operate and transfer (BOOT) the high-voltage direct current (HVDC) sub-sea
transmission system alongside Adnoc and Taqa. This has been confirmed by the two
Abu Dhabi companies who delivered a joint statement recently at the Abu Dhabi
Securities Exchange.
The full project
will be returned to Adnoc after 35 years of operation.
“Adnoc has once
again demonstrated its ability to successfully structure and close a bold and
progressive transaction that will help secure our low-carbon future as we
intensify our efforts to decarbonise our operations,” said Dr Sultan Al Jaber,
UAE Minister of Industry and Advanced Technology and managing director and
group chief executive of Adnoc. The company will continue to work with “our
partners to advance practical and commercially viable solutions as the energy
transition partner of choice.”
The transmission
system will have a total installed capacity of 3.2 gigawatts and comprise two
independent sub-sea HVDC links and converter stations that will connect to
Taqa’s onshore electricity grid — operated by its subsidiary, Abu Dhabi
Transmission and Despatch Company (Transco).
With
construction starting earlier this year, commercial operations of the project
are expected to start in 2025, the statement said.
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