Adnoc Board Clears $5.5B Low-Carbon Project

(MENAFN- Khaleej Times) sheikh Khaled bin Mohamed bin Zayed Al Nahyan, crown prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has chaired a meeting of the Executive Committee of the ADNOC Board of Directors.

During the meeting, Sheikh Khaled endorsed the final investment decision (FID) for ADNOC's lower-carbon intensity Ruwais liquefied natural gas (LNG) project and the award of an Engineering, Procurement and construction (EPC) contract for the project valued at approximately $5.5 billion (Dh20.2 billion). The project, located in Al Ruwais Industrial City in Al Dhafra region of Abu Dhabi, will be the first LNG export facility in the Middle East and North Africa (MENA) region to run on clean power, making it one of the world's lowest-carbon intensity LNG plants.

Sheikh Khaled noted that the project will reinforce ADNOC's position as a reliable global natural gas supplier and accelerate the development of Al Ruwais Industrial City by attracting investments and boosting the local industrial ecosystem. The project will procure highly specialized equipment and materials and will see 55% of the EPC award value flow back into the UAE's economy under ADNOC's In-Country Value (ICV) program, stimulating economic and industrial growth and skilled private-sector jobs for Emiratis.

During the meeting, Sheikh Khaled commended ADNOC's recent strategic acquisitions in major lower-carbon LNG projects in the United States (US) and Mozambique, was briefed on growth projects across ADNOC's value chain and gave directives to continue focusing on targeted growth both locally and internationally to meet growing energy demand.

Sheikh Khaled also reviewed ADNOC's strategy to further integrate artificial intelligence (AI) and technology across its business to generate greater value and deliver smarter, cleaner and safer energy to the world. As part of this strategy, ADNOC is leveraging its portfolio of low carbon energy to power the growth of AI whilst accelerating the integration and deployment of AI solutions across its value chain to unlock further value, lower emissions and keep people safe.

The Ruwais LNG project EPC contract was awarded to a joint venture led by Technip Energies, with JGC Corporation and NMDC Energy. The Ruwais LNG project will consist of two 4.8 mmtpa LNG liquefaction trains with a total capacity of 9.6 mmtpa, more than doubling ADNOC's existing UAE LNG production capacity to around 15mmtpa, as the company builds its international LNG portfolio. The facility will leverage artificial intelligence (AI) and the latest technologies to enhance safety, minimize emissions and drive efficiency.

Other members attending the meeting included H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO; H.E. Suhail Mohamed Al Mazrouei, Minister for Energy and Infrastructure; H.E. Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala Investment Company; and H.E. Jassem Mohammed Buatabah Al Zaabi, Chairman of the Abu Dhabi Department of Finance.


Khaleej Times

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.