UAE's ADNOC, TAQA Start $3.6 Billion Project to Cut Emissions

Published December 22nd, 2021 - 08:58 GMT
UAE's ADNOC, TAQA Start $3.6 Billion Project to Cut Emissions
The project is part of efforts by the United Arab Emirates to neutralize carbon emissions by 2050.  (Shutterstock)

Abu Dhabi National Oil Co. (ADNOC) and Abu Dhabi National Energy Co. (Taqa) will establish a $3.6 billion project to cut the carbon footprint of the national oil producer's offshore operations by more than 30% starting 2025, ADNOC announced in a statement.

The project is part of efforts by the United Arab Emirates to neutralize carbon emissions by 2050. 

According to ADNOC's statement, the project will develop and operate a high voltage direct current subsea transmission system that will power ADNOC's offshore production operations with cleaner energy, delivered through the Abu Dhabi onshore power grid, owned and operated by Taqa's transmission and distribution companies.

Both companies stated that the project will be funded through a special purpose vehicle. ADNOC and Taqa will hold a 30% stake each with Korea Electric Power Corp., Japan’s Kyushu Electric Power Co. and Electricite de France SA owning the rest. 

It's worth noting that  ADNOC and Taqa are in discussion over obtaining stakes in Masdar, the Abu Dhabi government-owned developer of wind and solar power plants. 


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