Italy’s Maire Tecnimont has won a US$2.25 billion contract for an oil and gas project from the Abu Dhabi National Company for Onshore Oil Operations (Adco), the Milan-listed firm said on Thursday.
The contract is for implementing process and associated units for the Al Dabb’iya Surface Facilities Phase III project in Abu Dhabi, the company said.
Adco, a unit of Abu Dhabi National Oil Company (Adnoc), operates the Al Dabb’iya field, which is located 40 kilometre south-west of the capital.
The project is part of Adco’s North East Bab development programme and includes gathering crude oil through a network of pipelines, oil and gas export pipelines and a central process plant, the company said.
“For its magnitude and technical standing, this can be considered Maire Tecnimont Group’s flagship project in terms of oil and gas business experience, following the successful completion of Gasco Habshan 5,” the firm said. “Moreover, it will consolidate the long lasting presence in the country and will represent the top reference for the group.”
Pierroberto Folgiero, the firm’s chief executive, said the project confirmed Maire Tecnimont’s strategy of pursuing opportunities in “selective, well known geographies”.
In March the firm won a contract to develop facilities for a petrochemicals complex in Egypt worth between $1.7bn and $1.95bn. The project is split evenly with the Dutch group Archirodon.
Adco is set to invest up to $7bn to meet its production target of 1.8 million barrels per day (bpd) by the end of 2017 from the current capacity of 1.6 million bpd.
Adco operates the largest onshore oilfields, which are currently responsible for about 40 per cent of the country’s output of 2.8 million bpd. The country aims to increase its total output to 3.5 million bpd by 2017.
Adnoc took 100 per cent ownership of the onshore fields when the concessions with major oil companies expired in January after 75 years.
The most pressing issue for reaching the 2017 target is the renewal of the concessions and any uncertainty surrounding their tenure and the partners that will be involved, analysts have said.
“[The Italian producer] Eni is keen to be a part of the UAE market and made an excellent technical offer [to Adnoc], and we await the decision of the UAE authorities,” said Giorgio Starace, Italy’s ambassador to the UAE.
“These are all strategic agreements that are in the framework in the growing bilateral partnership between Italy and the UAE,” he said after the announcement of the Maire Tecnimont deal, which he said gave “prestige” to Italian companies looking to work in the region.
dsaadi@thenational.ae
* with additional reporting from LeAnne Graves
Follow The National's Business section on Twitter
Schedule for show courts
Centre Court - from 4pm UAE time
Johanna Konta (6) v Donna Vekic
Andy Murray (1) v Dustin Brown
Rafael Nadal (4) v Donald Young
Court 1 - from 4pm UAE time
Kei Nishikori (9) v Sergiy Stakhovsky
Qiang Wang v Venus Williams (10)
Beatriz Haddad Maia v Simona Halep (2)
Court 2 - from 2.30pm
Heather Watson v Anastasija Sevastova (18)
Jo-Wilfried Tsonga (12) v Simone Bolelli
Florian Mayer v Marin Cilic (7)
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
The specs: 2017 Maserati Quattroporte
Price, base / as tested Dh389,000 / Dh559,000
Engine 3.0L twin-turbo V8
Transmission Eight-speed automatic
Power 530hp @ 6,800rpm
Torque 650Nm @ 2,000 rpm
Fuel economy, combined 10.7L / 100km
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
