2024-07-15 20:03:01
ADNOC Gas, a subsidiary of Abu Dhabi National Oil Company (ADNOC), announced on Monday the award of contracts worth AED 2 billion ($544.53 million) to expand gas infrastructure in the UAE and increase its customer base.
The company said in a statement to the Abu Dhabi Stock Exchange that the contracts “are related to engineering, procurement and construction works to implement the remaining packages of the natural gas pipeline network expansion project in the UAE, known as (Sustainability).”
The contract was awarded to the National Marine Dredging Group and Galfar Engineering and Contracting Company.
ADNOC Gas added that it was “separately decided” to transfer ownership of the Estidama project, which aims to expand the natural gas pipeline network in the UAE, from ADNOC Gas to ADNOC, with the aim of improving the efficiency of the company’s capital expenditure.
The Sustainability Project consists of several packages with a total value of AED 8.8 billion ($2.4 billion).
ADNOC Gas will continue to manage the project after the completion of the ownership transfer process, while ADNOC will cover the capital expenses of this vital project.
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2024-07-15 20:03:01