The UAE Offsets Group (UOG) has set up a new company, registered in Jersey, in partnership with TotalFinaElf and Enron Corp, to supervise the development of the $6-8 billion Dolphin gas initiative.
The group holds 51 percent stake in the new company and the balance is shared equally by TotalFinaElf of France and Enron Corp of the U.S.
Negotiations are well advanced between the UOG and Qatar General Petroleum Corp (QGPC) on the project development agreement (PDA). Negotiations are also under way with Dubai Supply Authority (DUSUP) and Abu Dhabi Water and Electricity Co (Adwec), who will be the projects two primary customers, after Dolphin's phase-one development.
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