The Finance World Magazine| Edition: October 2023

ADNOC Completes Investment in Habshan Carbon Capture Project
ADNOC Group, committed to
achieving Net Zero by 2045,
has unveiled its investment
in the Habshan Carbon Capture,
Utilisation, and Storage (CCUS)
project, one of the largest initiatives of
its kind in the Middle East and North
Africa (MENA) region. This project
will possess the capacity to capture
and store 1.5 million tonnes per annum
(mtpa) of carbon dioxide (CO2)
deep underground within geological
formations. Expanding ADNOC’s carbon
capture capabilities to 2.3 mtpa,
equivalent to removing over half a
million gasoline-powered cars from
the roads annually, this project is part
of the company’s $15B investment in
low-carbon solutions. ADNOC Gas will
oversee the construction, operation, and
maintenance, which will include carbon
capture units, pipeline infrastructure,
and CO2 injection wells.
Saudi Arabia and Russia Extend Production Cuts
Amid Rising Oil Prices
Global oil prices surged, reaching
a ten-month high, with
Brent oil surpassing $90 a
barrel for the first time in
2023, driven by concerns about supply
shortages. The rally followed Saudi
Arabia and Russia’s joint announcement
of extending voluntary production cuts
for an additional three months until
December. U.S. crude surged by 1.9
percent to $87.56 a barrel, the highest
since November 2022, while Brent
oil soared by 2.1 percent to $90.72 a
barrel, also marking its highest point
since November 2022. Saudi Arabia’s
extension of voluntary production cuts,
in addition to OPEC+ cuts initiated
last April, and Russia’s commitment
to reducing oil exports by 300,000
barrels per day until year-end, further
contributed to the price rally.
India’s L&T Preferred for Saudi Aramco’s $2.9B
Jafurah Gas Project
Indian infrastructure firm Larsen
& Toubro (L&T) has reportedly
secured a $2.9B contract from
Saudi Aramco for part of the Jafurah
unconventional gas development
project. L&T is said to be one of the
selected contractors for one of the
five main engineering, procurement,
and construction (EPC) packages in
the estimated $10B second expansion
phase of the Jafurah project. Although
Aramco has issued letters of intent to the
contractors, the company has not officially
commented on this information.
The specific EPC package assigned to
L&T involves the gas processing plant
and main process units, advancing
the significant Jafurah basin project
in Saudi Arabia’s Eastern Province,
which is home to one of the Middle
East’s largest liquid-rich shale gas
reserves, estimated at 200T cubic feet
of gas in place.
DEWA’s Massive Hatta
Water Reservoir Reaches
90% Completion
The Dubai Electricity and Water
Authority (DEWA) has
announced that it has reached
89.42% completion on its 30
million imperial gallons (MIG) water
reservoir project in Hatta. The project,
with an estimated cost of AED 86M
($23.4M), involves constructing two
reservoirs with a combined storage
capacity of 30 million gallons of desalinated
water, along with supporting
buildings and pipeline extensions.
Structural foundation work for all
facilities and reservoirs is now 100%
complete, above-ground work stands at
92% completion, and nearly 99% of the
pipes have been laid. The reservoir is
set to become operational in the fourth
quarter of this year, contributing to
Hatta’s comprehensive development
plan and creating job opportunities
in the region.
October 2023 www.thefinanceworld.com 45