(Sharecast News) - Energy services company Petrofac has been awarded an engineering, procurement, and construction contract by ADNOC Gas for its Habshan carbon capture, utilisation, and storage project.
The contract, valued at more than $600m, involves the delivery of carbon capture units, associated pipeline infrastructure, and a network of wells for carbon dioxide recovery and injection.
Located at the Habshan gas processing plant, 150 kilometres southwest of Abu Dhabi, the project forms part of ADNOC's accelerated decarbonisation plan.
Tareq Kawash, Petrofac's chief executive officer, said: "By accelerating plans to make energy cleaner, the UAE is investing in its future. We look forward to combining our CCUS expertise and UAE project delivery experience to support ADNOC Gas in delivering on their decarbonisation plans, maximising energy output while minimising emissions, and helping to support the UAE's energy transition."
As of 0830 BST, Petrofac shares were up 3.13% at 75.13p.
Reporting by Iain Gilbert at Sharecast.com
Petrofac (PFC)