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IOSADGAS formalises $1bn deal with Hyundai Heavy Ind
Abu Dhabi Gas Liquefaction Company Ltd (ADGAS) has formally signed an agreement worth $1 billion with Hyundai Heavy Industries Co for the construction of an integrated gas development plant on Das Island, state news agency WAM reported on Monday.
The South Korean firm said in July that it had won the $1 billion gas equipment project order in the UAE.
Fahim Kazim, general manager, ADGAS ,the subsidiary of the state owned Abu Dhabi National Oil Company (ADNOC), said that the company plans to complete the project over a 49 month period and will involve multiple offshore and onshore sites.
He added:"It is a part of the integrated gas development (IGD) project which is... to process and supply the gas to meet the growing needs and development plans of Abu Dhabi."
Kazim said that the limited land area on Das Island had been a challenge facing the project.
He said: "Due to the limited area on Das Island, we had to reclaim an additional 108,000 square meters of land for the project facilities and to build a 100 meter long jetty for off loading of heavy 1500 Tons modules."
Around 85 percent of the LNG produced at Das Island is exported to Japan's Tokyo Electric Power Co ADNOC which is the government run oil company for the emirate of Abu Dhabi, the leader of the seven member federation of the UAE.
Abu Dhabi holds most of the oil and gas reserves in the UAE, the world's third largest oil exporter.
(REUTERS)
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