ADNOC L&S to build an island in UAE for $975-mln
ADNOC L&S to build an island in UAE for $975-mln
ABU DHABI, June 8, 2023 – ADNOC Logistics and Services has signed a USD 975-million deal with ADNOC Offshore to build an artificial island in the UAE’s Lower Zakum field, the Emirati logistics entity announced on Thursday.
The scope of the EPC contract includes dredging, land reclamation and marine construction on the island dubbed G.
The development is part of ADNOC’s Lower Zakum long-term development plan, which aims to boost production from the field to 520,000 bopd.
This is the first major award given to ADNOC Logistics and Services since it was listed on the Abu Dhabi Securities Exchange on June 1, 2023.
Parent company ADNOC raised around USD 769 million by floating 19% of the company’s shares in May 2023.
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