Brief: TAQA And ADNOC Announce $3.6 Bln Project To Power And Decarbonize Offshore Operations

KEPCO Engineering & Construction Co

22/12/2021 04:55

Dec 22 (Reuters) - ABU DHABI NATIONAL ENERGY COMPANY
 TAQA.AD :
    * TAQA AND ADNOC ANNOUNCE $3.6 BILLION PROJECT TO POWER AND
DECARBONIZE OFFSHORE OPERATIONS
    * KEPCO, KYUSHU ELECTRIC POWER CO. AND EDF TO HOLD COMBINED
40%
STAKE, DEVELOPING AND OPERATING THE TRANSMISSION SYSTEM FOR 35
YEARS ALONGSIDE TAQA AND ADNOC
    * STRATEGIC SUSTAINABLE POWER PROJECT TO REDUCE ADNOC’S
OFFSHORE
CARBON FOOTPRINT BY MORE THAN 30%
    * SOLIDIFYING ITS ENVIRONMENTAL CREDENTIALS AND SUPPORTING
UAE
‘NET ZERO BY 2050 STRATEGIC INITIATIVE
    * PROJECT WILL SEE DEVELOPMENT AND OPERATION OF HIGH-
VOLTAGE,
DIRECT CURRENT (HVDC-VSC) SUBSEA TRANSMISSION SYSTEM IN THE
MIDDLE EAST AND NORTH AFRICA (MENA) REGION
    * CONSORTIUM WILL DEVELOP AND OPERATE TRANSMISSION SYSTEM
ALONGSIDE TAQA AND ADNOC,
    * FULL PROJECT BEING RETURNED TO ADNOC AFTER 35 YEARS OF
OPERATION
    * MORE THAN 50% OF THE PROJECT VALUE WILL FLOW BACK INTO THE
UAE’S
ECONOMY

Source text for Eikon:  ID:nADXE83745 
Further company coverage:  TAQA.AD 

 ((Reuters.Briefs@thomsonreuters.com;))