FALCON POWERS – ADNOC Gas, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), said on Monday that it has awarded contracts worth AED 2 billion (USD 544.53 million) to expand the gas infrastructure in the UAE and increase its customer base.
The company said in a statement to the Abu Dhabi Securities Exchange that the contracts are related to engineering, procurement, and construction work to implement the remaining packages of the gas pipeline expansion project in the UAE, known as “Sustain”. The contracts were awarded to a group of national maritime dredging companies and Gulmar Engineering and Contracting.
ADNOC Gas also said that “it has been decided separately” to transfer the ownership of the Sustain project, aimed at expanding the natural gas pipeline network in the UAE, from ADNOC Gas to ADNOC, in order to improve the company’s capital expenditure efficiency.
The Sustain project consists of several packages worth a total of AED 8.8 billion.
ADNOC Gas is expected to continue managing the project after the ownership transfer is complete, while ADNOC will cover the capital expenditures for this vital project.
(USD 1 = AED 3.6729)
