Adnoc signs $1bn project deals
ABU DHABI: Abu Dhabi National Oil Company (Adnoc) announced the signing of framework agreements for concept and front-end engineering design (FEED) services for major projects across its full value chain to support the delivery of its 2030 strategy.
The framework agreements, signed with eight top-tier global engineering contractors, have a combined scope worth up to $1 billion and the potential for 50 per cent of the value to flow back into the UAE's economy under Adnoc’s In-Country Value (ICV) programme, over the agreement term between 2021 and 2026. The scope of the agreements is based on the forecasted requirement for external project engineering services across the Adnoc Group.
QP awards North Field contracts
DOHA: Qatar Petroleum (QP) has awarded a major EPC contract for its North Field Expansion Project to Técnicas Reunidas.
The firm will expand existing liquid products storage and loading facilities and import facilities within Ras Laffan Industrial City, as well as other ancillary facilities and pipelines serving the North Field Expansion Project.
These new facilities will be utilised to handle liquid products from the four new LNG trains comprising the North Field East (NFE) project, which is scheduled to start-up before the end of 2025. The facilities will also support two new LNG trains comprising the North Field South (NFS) project.
Unit 2 of UAE nuclear plant starts
ABU DHABI: Emirates Nuclear Energy Corporation (Enec) subsidiary Nawah Energy Company (Nawah) has successfully started up Unit 2 of Abu Dhabi's Barakah Nuclear Energy Plant.
"With the start-up of Unit 2, we are now almost halfway to achieving our goal of supplying up to a quarter of our country’s electricity needs and enabling sustainable growth and in parallel, achieving UAE climate change targets," Enec CEO Mohamed Ibrahim Al Hammadi said
In the coming months, Unit 2 will be connected to the national electricity grid.
Expo seals $24bn business deals
BEIJING: A total of 277 deals worth approximately $24 billion were signed at the fifth China-Arab States Expo in northwest China's Ningxia Hui Autonomous Region.
The deals cover various fields including electronic information, clean energy, new materials, green food and tourism cooperation.
Eight cooperational projects were signed at this Expo, with a total investment of 11.18 billion yuan, including Indonesia's Cirata Floating Photovoltaic Power Plant project and Red Sea integrated smart energy investment project. Three policy reports were released during the Expo, covering economic and trade relations between China and Arab States.
In 2019, a total of 287 deals worth about 185.42 billion yuan were signed at the fourth China-Arab States Expo.
Fujairah terminal invests in VLCCs
SINGAPORE: The Fujairah Oil Terminal is investing to upgrade the infrastructure at its storage facilities, betting on a surge in crude trading and storage demand at the UAE oil hub.
FOT's expansion, financed by a new $280 million debt facility, will connect its terminal to the Port of Fujairah's very large crude carrier (VLCC) loading facility and the Abu Dhabi Crude Oil Pipeline (ADCOP) pipeline, said Steve Bickerton, senior managing director at Prostar Capital and chairman of FOT.
"That's a game changer because it gives us access to customers who want to be moving crude oil through VLCCs and it gives our customers direct access to the ADCOP, which brings Abu Dhabi's Murban Crude into Fujairah," said Bickerton.
The project is expected to be completed by the end of next year, Bickerton said.
Iraq approves BP spinoff plan
BAGHDAD: Iraq has approved BP's plan to spin off its operations in the country, the government and BP said, as the British oil company looks to shift focus to low-carbon investments.
The new company, Basra Energy, would hold BP's interest in Iraq's giant Rumaila oil field and be jointly owned by China National Petroleum Corp, one of BP's partners at the site.
BP confirmed the new Iraqi joint venture, which it said would allow BP and PetroChina to continue investing in the oilfield throughout the duration of its existing contract which expires in 2034.
Spinning off oil and gas assets is seen as a way for BP to shift towards renewable energy. BP and Eni in May began talks to merge their oil and gas operations in Angola to form one of Africa's largest energy companies.
Gastech to set global gas agenda
DUBAI: Leading energy industry professionals and over 400 exhibiting companies, will be taking part in Gastech 2021 to address opportunities of energy transition.
The exhibition and conference. which will run from September 21 to 23 at the Dubai World Trade Centre, supports the gas, LNG, hydrogen, and energy industry.
Gastech is supported by the UAE Ministry of Energy and Infrastructure, and co-hosted by the Abu Dhabi National Oil Company (Adnoc), Shell and Venture Global LNG, said the organisers dmg events.
Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of Adnoc, said: "Gastech 2021 is taking place at a crucial time for the energy industry as we begin to navigate the energy transition. In this transition, natural gas as well as new zero carbon energy sources such as hydrogen will play important roles in meeting the world’s need for more energy with fewer emissions. Hosting this year’s edition underscores our role in shaping the global energy dialogue and we look forward to advancing the conversation on these topics with our friends and partners."
