Adgas signs $1billion deal with Korean firm
The Abu Dhabi Gas Liquefaction Company (Adgas) and South Korea's Hyundai Heavy Industries Co have joined hands for building an ultra modern gas plant at the Das Island of Abu Dhabi by developing a gas field in the United Arab Emirates (UAE).
The deal worth $1b is aimed to process one billion standard cubic feet per day of high pressure gas which is desired to transport Adgas's offshore Umm Shaif field through a new 46 inch diameter pipeline.
Adgas General Manager Fahim Kazim said that the project is expected to get completed in 49 months but not later than August 2013. Speaking to reporters after signing the deal, Kazim added, "Due to the limited area on Das Island, we had to reclaim an additional
108,000 square metres of land for the project facilities and to build a 100 metre-long jetty for offloading of heavy 1,500-tonne modules."
Chang June Kang, Hyundai's Chief Executive Officer for Offshore and Engineering Division said that the deal would prove a stepping stone to boosting trade ties between both countries besides satisfying the growing oil demand in the world.
New Zealand News
- First deliveries of all-electric Porsche in Australia to take place this weekend
- Crown Resorts suffers record six-month loss due to COVID-19 closures
- Australia’s Crown Resorts 'not suitable' for Sydney gaming license: Inquiry Commission
- What Does Phasing Out Cheques Tell Us About Finance in New Zealand?
- South Korean casino operator GKL closes third casino amid soaring cases of COVID-19