UAE’s ADNOC, TAQA secure financial closing for $2.2bln water project

Abu Dhabi National Oil Company (ADNOC) said on Monday that it has secured the financial closing of $2.2 billion strategic project with Abu Dhabi National Energy Company (TAQA) to provide sustainable water supply to the former’s onshore operations.

A consortium of Orascom Construction and Metito will comprise a centralised seawater treatment facility for ADNOC’s operations at the Bab and Bu Hasa fields in Abu Dhabi, as part of the oil giant’s efforts to decarbonise its business.

The project will be financed by a group of nine local and international banks, including First Abu Dhabi Bank (FAB), Gulf International Bank (GIB), Natixis, Abu Dhabi Commercial Bank (ADCB), and Abu Dhabi Islamic Bank (ADIB).

Moreover, the banks that will support the project includes the Commercial Bank of Dubai (CBD), Emirates NBD (ENBD), Emirates Development Bank (EDB) and Warba Bank through a combination of commercial and Islamic finance facilities.

“…this innovative project will equip our onshore operations with energy-efficient water supply, significantly reducing our carbon footprint,” said Abdulmunim Al Kindy, executive director of ADNOC Upstream.

ADNOC, which plans to reach net zero emissions by 2045, said in January that it would invest $15 billion in decarbonisation projects by 2030, which will help it to hasten its low-carbon growth strategy.