ALBAWABA - ADNOC and ADNOC National Energy - TAQA have announced the successful closure of an AED 8.3 billion financing deal to fund their strategic project aimed at providing sustainable water supplies to ADNOC's onshore operations.
The strategic investment is geared towards developing and operating sustainable seawater treatment facilities to supply water to ADNOC's onshore operations in the Bab and Bu Hasa fields in Abu Dhabi.
According to the company's statement, a consortium comprising Orascom Construction and Matiato will be responsible for constructing a central seawater treatment facility and a network for the distribution of treated water.
ADNOC and TAQA each hold a majority stake in the project, with a 25.5% ownership share, while the construction consortium holds the remaining 49%.
The project will follow a build-own-operate model, with full ownership of the project transferring to ADNOC after 30 years of operation.
