Adnoc and Abu Dhabi Nationwide Vitality Firm, higher generally known as Taqa, have accomplished the monetary shut of their $2.2 billion sustainable water provide undertaking, which goals to assist Adnoc’s decarbonization efforts.
The undertaking will probably be financed by a bunch of 9 native and worldwide banks, together with First Abu Dhabi Financial institution, Gulf Worldwide Financial institution, Natixis, Abu Dhabi Business Financial institution, Abu Dhabi Islamic Financial institution, Business Financial institution of Dubai, Emirates NBD, Emirates Improvement Financial institution and Warba . Financial institution, by way of a mix of economic and Islamic financing services.
The stability of the undertaking prices will probably be supplied by sponsors in accordance with their fairness shares, Adnoc and Taqa stated in a press release to the Abu Dhabi Securities Change on Monday.
The undertaking, introduced in Could, includes the event and operation of services for the sustainable remedy and provide of seawater for Adnoc’s operations on the Bab and Bu Hasa fields in Abu Dhabi.
A consortium, consisting of Orascom Building and Metito, will construct a centralized seawater remedy plant and a transport and distribution community.
It is going to develop the undertaking on a construct, personal, function and switch mannequin, with your entire undertaking being transferred to Adnoc after 30 years of operation.
Adnoc and Taqa personal a joint majority stake of 51 p.c (25.5 p.c every) within the undertaking firm, whereas the consortium owns the remaining 49 p.c.
“This strategic sustainable funding is an additional instance of how Adnoc is remodeling, decarbonizing and future-proofing our operations, as we absolutely embrace the vitality transition,” stated Abdulmunim Al Kindy, Govt Director of Adnoc Upstream.
“As we speed up our transformation to a lower-carbon future, this progressive undertaking will equip our onshore operations with an energy-efficient water provide, considerably lowering our environmental footprint.”
Adnoc, which plans to succeed in net-zero emissions by 2045, stated in January it could make investments $15 billion in decarbonization tasks by 2030, serving to it speed up its low-carbon progress technique .
Components embrace clear vitality, carbon seize use and storage, additional electrification of operations, carbon dioxide absorption know-how and vitality effectivity.
Earlier this month, the corporate introduced plans to develop one of many largest carbon seize tasks within the Mena area.
The Habshan carbon seize, utilization and storage undertaking will be capable to seize and completely retailer as much as 1.5 million tons of carbon dioxide per yr in geological formations deep underground, the report stated.
In September final yr, Adnoc and Taqa additionally concluded a $3.8 billion strategic undertaking to energy and decarbonize Adnoc’s offshore manufacturing operations.
The event is anticipated to cut back the carbon footprint of Adnoc’s offshore operations by greater than 30 p.c, with present offshore gasoline turbine mills being changed with extra sustainable vitality sources from Abu Dhabi’s onshore vitality community.
The brand new water provide undertaking, which is able to exchange the present deep aquifer water programs with excessive salinity on the fields, is anticipated to cut back water injection-related vitality consumption by as a lot as 30 p.c, Adnoc and Taqa stated.
Linked to the electrical energy grid, the undertaking is anticipated to generate 100% of its vitality from clear vitality sources.
It is going to ship greater than 500 million liters of nanofiltered seawater per day by way of 75 kilometers of transport and greater than 230 kilometers of distribution pipelines and two pumping stations, to provide Adnoc’s onshore operations.
In keeping with Adnoc’s home worth program, greater than 60 p.c of the undertaking’s worth is anticipated to return to the UAE financial system.
The water provide undertaking has “made speedy progress since its inception,” stated Jasim Thabet, CEO and managing director of Taqa.
It won’t solely cut back vitality consumption but in addition enhance vitality safety, he added.
Up to date: September 25, 2023, 6:21 am