DUBAI (Reuters): State oil giant Abu Dhabi National Oil Co. and Abu Dhabi National Energy Co., also known as TAQA, said on Monday they secured the financing for a $2.2 billion project to provide sustainable water supply to ADNOC’s onshore operations.
The project, which was announced in May, will comprise a centralized seawater treatment facility for ADNOC’s operations at the Bab and Bu Hasa fields in Abu Dhabi, as part of the oil giant’s efforts to decarbonize its business.
A group of nine local banks and international banks will finance the project, through a combination of commercial and Islamic finance facilities, ADNOC and TAQA said in a bourse statement.
The banks to finance the project are First Abu Dhabi Bank, Gulf International Bank, Natixis, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Emirates NBD, Emirates Development Bank and Warba Bank.
A consortium comprising Orascom Construction and Metito will construct a seawater treatment facility and transportation and distribution network.
ADNOC and TAQA each own a 25.5 percent stake in the project, resulting in a combined 51 percent majority, while the consortium will own the remainder under a build, own, operate and transfer model.
Alpha Dhabi to buy majority stake in Metito
Alpha Dhabi said on Monday it plans to acquire a majority stake in the UAE-based water and wastewater project developer Metito Holdings.
Pending regulatory approvals, Alpha Dhabi said it plans to acquire the stake from Metito’s selling shareholders Mitsubishi Corp., Mitsubishi Heavy Industries, and Gulf Capital.
Alpha Dhabi did not disclose the size of the stake it would take in Metito, which has around 20 offices and 4,500 employees across the world. Alpha Dhabi also did not disclose the value of the transaction or how the transaction would be funded.
The Ghandour family, Metito’s founding shareholders, will retain their leadership roles, Alpha Dhabi said in the statement on Monday.
Alpha Dhabi is linked to Sheikh Tahnoun bin Zayed Al-Nahyan, the UAE’s national security adviser and a brother of the country’s President Sheikh Mohammed bin Zayed Al-Nahyan. Sheikh Tahnoun owns the Royal Group, which has a 74 percent stake in the parent of Alpha Dhabi, the International Holding Co.
