UAE's ADNOC, TAQA in $3.6 bln project to slash offshore carbon footprint | Reuters
Abu Dhabi National Oil Co (ADNOC) and Abu Dhabi National Energy Company PJSC (TAQA) on Wednesday announced a $3.6 billion project to reduce the carbon footprint of ADNOC's offshore production operations by more than 30%.
The project will develop and operate a subsea transmission system in the Middle East and North Africa region, replacing existing offshore gas turbine generators with more sustainable power sources available on the Abu Dhabi onshore power grid.
The project will be funded through a special purpose vehicle owned 30% each by ADNOC and TAQA, with the rest held by a consortium comprised of Korea Electric Power Corp (015760.KS), Japan's Kyushu Electric Power Co (9508.T) and Électricité de France (EDF.PA).
Led by KEPCO, the consortium will develop and operate the project for 35 years alongside ADNOQ and TAQA.
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