• Home
  • ADNOC, TAQA close $3.8bn deal for clean energy, decarbonization
Abu Dhabi National Oil Co., and Abu Dhabi National Energy Co., known as TAQA, have finalized a deal for the construction of a $3.8-billion strategic project to power and decarbonize ADNOC’s offshore production operations. A Korean (KEPCO) led coalition with France and Japan will  build, own, operate and transfer its high-voltage direct current sub-sea transmission network in the Middle East and North Africa region. KEPCO holds a 40 percent stake in the operation while ADNOC and TAQA each hold a 30 percent stake. After 35 years, the rights to the project will fully go to ADNOC. Construction will start this year and operations will begin in 2025. Abu Dhabi has once again demonstrated its ability to successfully structure and close a bold and progressive transaction that will help secure our low-carbon future as we intensify our efforts to decarbonize our operations.

ADNOC, TAQA close $3.8bn deal for clean energy, decarbonization

Abu Dhabi National Oil Co., and Abu Dhabi National Energy Co., known as TAQA, have finalized a deal for the construction of a $3.8-billion strategic project to power and decarbonize ADNOC’s offshore production operations. A Korean (KEPCO) led coalition with France and Japan will  build, own, operate and transfer its high-voltage direct current sub-sea transmission network in the Middle East and North Africa region. KEPCO holds a 40 percent stake in the operation while ADNOC and TAQA each hold a 30 percent stake. After 35 years, the rights to the project will fully go to ADNOC. Construction will start this year and operations will begin in 2025. Abu Dhabi has once again demonstrated its ability to successfully structure and close a bold and progressive transaction that will help secure our low-carbon future as we intensify our efforts to decarbonize our operations.

Issue:
Country:
Subscribe to Receive Latest Updates from GIF.