UAE oil giant, Spanish contractor join hands for gas development in Abu Dhabi
The Abu Dhabi National Oil Company (ADNOC) on Wednesday reached a gas devlopment deal with a consortium of Spain’s Tecnicas Reunidas and Abu Dhabi’s Target Engineering Construction Company, ADNOC said in an e-mailed statement. The agreement, signed by ADNOC LNG, a subsidiary of the United Arab Emirates’ oil giant, is an engineering, procurement and construction contract for the second phase of the Integrated Gas Development Expansion (IGD-E) project located at Abu Dhabi’s Das Island. “This agreement will enable us to deliver greater efficiency and performance, maximize the value of our gas assets and pursue our strategic objective to ensure a sustainable and economic gas supply that meets Abu Dhabi’s growing energy needs,” Fatema Mohamed Al Nuaimi, acting CEO of ADNOC LNG, said after the signing ceremony. The second phase of the IGD-E project, valued at 3.16 billion dirhams (860 million U.S. dollars), will take 54 months to complete. Tecnicas Reunidas will lead the consortium and carry out the engineering and procurement for the project, while Target Engineering Construction Company will lead the construction and commissioning works on Das Island.