Abu Dhabi National Oil Company has announced that one of its key units, ADNOC Gas has awarded engineering, procurement and construction (EPC) contracts worth $8.2 billion for the next phase of its Rich Gas Development (RGD) project at the Habshan complex in the UAE capital.
The awards include a $3.9 billion Phase 2 contract to Wison Engineering, a key provider of EPC services and integrated technology solutions for the energy and chemical industries based in Shanghai, China, and a $4.3 billion Phase 3 contract to Tecnimont, a Maire Company and a global contractor for highly complex plants for the natural resources transformation industry located in Milan, Italy.
These contracts build on Phase 1, announced in June last year, which is expanding key processing units to increase throughput and improve operational efficiency, across multiple gas assets, said ADNOC Gas, while announcing its Q2 results.
The Abu Dhabi gas major delivered a solid performance clocking a net income of $665 million - above the upper end of the $400-600 million guidance range provided in Q1 - despite exceptional external disruption during the period.
"This is a defining moment for ADNOC Gas," remarked its CEO Fatema Al Nuaimi. "With the final investment decision and contract awards for the Rich Gas Development Project, we are accelerating one of the world's largest gas-processing growth programs while expanding our natural gas processing and export capacity," she stated.
The Phase 2 will add a new natural gas processing train at the Habshan facility, expanding ADNOC Gas' natural gas processing capacity, enhancing operational flexibility, and supporting the UAE's expanding downstream and petrochemical sectors, while Phase 3 will boost the natural gas liquids (NGL) fractionation train at Ruwais, thus increasing the recovery of higher-value liquids from rich natural gas for export, strengthening its global customer portfolio.
Together with the $5 billion committed to Phase 1, the new awards bring total investment in the RGD project to $13.2 billion, she noted.
ADNOC Gas said it was executing one of the largest gas growth programmes in the industry, spanning four megaprojects – Ruwais LNG, Maximising Ethane Recovery and Monetisation (MERAM), RGD and Estidama – which together are expected to generate $13.4 billion in In-Country Value (ICV), thus reinforcing its contribution to the UAE's industrial development and economic diversification goals.
The company now expects to invest approximately $28 billion between 2026 and 2030 to deliver this growth ambition, she added.-TradeArabia News Service