Adnoc Gas, the integrated gas processing unit of Adnoc, has awarded contracts worth $500 million for the next phase of the UAE's gas pipeline expansion, while also transferring the ownership of the project to its parent company.
The engineering, procurement and construction contracts for the UAE sales gas pipeline network enhancement project, called Estidama, were awarded to NMDC Energy and Galfar Engineering & Contracting W. L. L Emirates, Adnoc Gas said on Monday in a statement on the Abu Dhabi Securities Exchange, where its shares are traded.
Meanwhile, the ownership transfer to Adnoc will help in “significantly optimising Adnoc Gas’s capital efficiency”, it said.
Adnoc Gas will continue to manage Estidama with Adnoc covering the capital expenditure for the infrastructure project.
Estidama will extend the pipeline network from approximately 3,200km to more than 3,500km, and enable the transportation of higher volumes of natural gas to the northern emirates.
The project will bring “lower-cost and sustainable natural gas to more locations across the country”, said Ahmed Alebri, chief executive of Adnoc Gas.
The company is playing a “leading role in meeting the growing demand for gas across the country and enabling the UAE’s goal of gas self-sufficiency”, he added.
Adnoc Gas will be paid to operate and maintain Estidama on behalf of Adnoc and will pay its parent a variable transmission fee for actual throughput of the pipeline.
In April, Adnoc Gas said it plans to invest more than $13 billion until 2029 to pursue domestic and international growth opportunities amid expansion of its liquefied natural gas (LNG) production capacity.
The company aims to more than double its LNG output capacity by 2028 through the strategic acquisition of the new Ruwais LNG plant from parent company Adnoc and potentially target assets in Europe, India, China and South-east Asia, Adnoc Gas said.
The Ruwais project will more than double Adnoc's UAE production capacity of LNG to about 15 million tonnes per annum.
Currently under development in Abu Dhabi’s Al Ruwais Industrial City, it will consist of two 4.8 million tonnes-per-annum LNG liquefaction trains with a total capacity of 9.6 million tonnes per annum. Start-up is expected in the second half of 2028.
Last week, it was revealed that international energy majors BP, Japan’s Mitsui, Shell and TotalEnergies will each be awarded a 10 per cent equity stake in the Ruwais LNG plant.
“In addition to taking a majority equity stake in Ruwais LNG [from Adnoc], Adnoc Gas will oversee its construction and operate the world-class plant after it is commissioned in 2028,” Mr Alebri told The National at the time.
State-run energy companies in the Middle East are betting big on LNG, seen as a low-carbon alternative to crude oil and coal.
LNG is seen as a cleaner alternative to other fossil fuels, and countries such as India and China are hoping to grow the share of natural gas in their energy mix.
Global LNG demand is projected to increase by more than 50 per cent by 2040, driven by industrial coal-to-gas switching in China and increased LNG use in South Asian and South-East Asian countries to support economic growth, according to Shell’s LNG Outlook released in February.
Adnoc Gas, which has access to 95 per cent of the UAE's natural gas reserves, signed LNG export agreements worth up to $12 billion in 2023.
Last year, it also awarded contracts worth $4.9 billion to expand its processing capacity.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
ARM%20IPO%20DETAILS
%3Cp%3E%3Cstrong%3EShare%20price%3A%3C%2Fstrong%3E%20Undisclosed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETarget%20raise%3A%3C%2Fstrong%3E%20%248%20billion%20to%20%2410%20billion%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProjected%20valuation%3A%3C%2Fstrong%3E%20%2460%20billion%20to%20%2470%20billion%20(Source%3A%20Bloomberg)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ELead%20underwriters%3A%3C%2Fstrong%3E%20Barclays%2C%20Goldman%20Sachs%20Group%2C%20JPMorgan%20Chase%20and%20Mizuho%20Financial%20Group%3C%2Fp%3E%0A
Results
%3Cp%3E%3Cstrong%3EStage%206%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Tim%20Merlier%20(BEL)%20Soudal%20Quick-Step%20%E2%80%93%203hrs%2041min%2012sec.%3Cbr%3E2.%20Sam%20Bennett%20(GBR)%20Bora%20%E2%80%93%20Hansgrohe%20%E2%80%93%20ST%3Cbr%3E3.%20Dylan%20Groenewegen%20(NED)%20Team%20Jayco%20Alula%20%E2%80%93%20ST%3Cbr%3E%3Cstrong%3EGeneral%20classification%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3E2.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenaders%20%E2%80%93%209sec%3Cbr%3E3.%20Pello%20Bilbao%20(ESP)%20Bahrain%20Victorious%20%E2%80%93%2013sec%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
KILLING OF QASSEM SULEIMANI
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Ogram%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Karim%20Kouatly%20and%20Shafiq%20Khartabil%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20On-demand%20staffing%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2050%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3EMore%20than%20%244%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Series%20A%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%2C%20Aditum%20and%20Oraseya%20Capital%3Cbr%3E%3C%2Fp%3E%0A
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
RESULTS
5pm: Maiden (PA) Dh80,000 1,400m
Winner: JAP Almahfuz, Fernando Jara (jockey), Irfan Ellahi (trainer).
5.30pm: Handicap (PA) Dh90,000 1,400m
Winner: AF Momtaz, Antonio Fresu, Musabah Al Muhairi.
6pm: Handicap (TB) Dh100,000 1,400m
Winner: Yaalail, Fernando Jara, Ali Rashid Al Raihe.
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 1,600m
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami.
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: Dahess D’Arabie, Fernando Jara, Helal Al Alawi.
7.30pm: Maiden (PA) Dh80,000 2.200m
Winner: Ezz Al Rawasi, Connor Beasley, Helal Al Alawi.
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
More from Rashmee Roshan Lall
If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
