2023-08-09 12:25:43
By Le Figaro with AFP
Posted 49 minutes ago, Just Updated
The contract was awarded as a joint venture between the National Petroleum Construction Company of the Emirates and the Spanish group Tecnicas Reunidas. MaxSafaniuk / stock.adobe.com
UAE hydrocarbon giant ADNOC on Wednesday announced a $3.6 billion contract to expand its gas processing infrastructure, awarded to a joint venture between a local company and a Spanish group. This announcement comes as the oil-rich Gulf state prepares to host the UN climate conference, COP28, at the end of November, amid criticism from environmental activists who denounce the impact of fossil fuels on global warming. “ADNOC Gas today announced the award of a $3.6 billion contract to expand its gas processing infrastructure in the United Arab Emiratesthe country’s official news agency, WAM, reported.
The contract was awarded to a joint venture between two companies specializing in oil and gas engineering, the National Petroleum Construction Company of the Emirates and the Spanish group Tecnicas Reunidas. “The contract includes the commissioning of new gas processing infrastructure that will optimize the supply of the Ruwais industrial complexin the western emirate of Abu Dhabi, WAM said. It is part of a strategyaimed at increasing gas extraction from existing fields and developing untapped resources“, added the agency.
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ADNOC Gas, whose gas reserves are estimated to be the world’s seventh largest, is a subsidiary of state-owned energy giant ADNOC, one of the world’s leading crude oil exporters. Last month, the group showed its desire to “accelerate» its ambition to achieve carbon neutrality by 2045 instead of 2050 as previously announced. The appointment in January of the boss of ADNOC, Sultan Al-Jaber, to chair COP28 had aroused skepticism and even criticism from many environmentalists. A defender of the hydrocarbons industry, Sultan Al-Jaber nevertheless admitted, in an interview with AFP, that the reduction in oil and gas was “inevitable» et «essential“, while calling for realism to avoid a”energy crisis” worldwide.
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