Adnoc Gas, estimated to have the seventh largest gas reserves globally, awarded a $3.6 billion contract to the joint venture between National Petroleum Construction Company and Tecnicas Reunidas to expand its gas processing infrastructure in the UAE.
The contract includes the commissioning of new gas processing facilities that will enable an optimised supply to the Ruwais Industrial Complex, the company said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares trade.
The integrated gas processing unit of Adnoc said the strategic Maximising Ethane Recovery and Monetisation project aims to increase ethane extraction, by a range of 35 - 40 per cent, from the company's existing onshore facilities in the Habshan complex through the construction of gas processing facilities.
It will also help unlock further value from existing feedstock and deliver it to Ruwais through a dedicated 120 kilometre natural gas liquids pipeline.
More than 70 per cent of the award value will flow back into the UAE’s economy under Adnoc's In-Country Value programme.
"This capital project represents Adnoc Gas’ latest investment in its gas processing infrastructure and underscores our commitment to responsibly meeting our customers’ current and future energy demand for natural gas and its feedstock," said Adnoc Gas chief executive Ahmed Alebri.
"The expansion of our gas processing infrastructure will also provide additional energy to the country’s growing industrial section, while stimulating economic growth and diversification through the significant ICV generated by the contract.”
Adnoc Gas has access to 95 per cent of the UAE's natural gas reserves and supplies more than 60 per cent of the country's gas needs.
Natural gas, an important raw material in industrial value chains, is a seminal transitional fuel with lower carbon emissions when burnt compared to other fossil fuels.
Earlier this year, Adnoc raised about $2.5 billion from the sale of a 5 per cent stake in Adnoc Gas.
The company's initial public offering was the largest listing in the world at the time, drawing more than $124 billion in orders from investors.
The Middle East is expected to spend up to $120 billion to boost natural gas production by more than 19 per cent by 2030, according to energy consultancy Wood Mackenzie.
The region’s natural gas output will rise to 86 billion standard cubic feet a day by the end of the decade, from 72 bcfd currently, it said in a report in May.
UAE currency: the story behind the money in your pockets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
RACE CARD
6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m
7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m
7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m
8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m
8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m
9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m
10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
More from Rashmee Roshan Lall
Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5
Tom Fletcher on 'soft power'
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
