Abu Dhabi National Oil Co. (ADNOC) and Abu Dhabi National Energy Co. PJSC (TAQA) ) have completed the financial closing of their $2.2 billion strategic project to provide sustainable water supply for ADNOC’s onshore operations.
This project entails developing and operating facilities to sustainably treat and supply seawater for ADNOC’s operations at the Bab and Bu Hasa fields in Abu Dhabi, the companies said in a joint statement on Monday.
The companies had previously awarded the sustainable water supply project to a company in which they will hold the majority stake with the remaining 49% being held by a consortium comprised of Orascom Construction and Metito.
The project will be financed by a group of nine local and international banks, including 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 through a combination of commercial and Islamic finance facilities.
The balance of the project cost will be provided by the project sponsors in accordance with their equity shares, they said.
(Writing by Brinda Darasha; editing by Seban Scaria)