(Alliance News) - Maire Tecnimont Spa announced Monday that its subsidiary Tecnimont Spa has received a letter of award from ADNOC for preliminary engineering and procurement work related to the onshore structures of the Hail & Ghasha project, as a member of a joint venture consisting of Tecnimont, Technip Energies and Samsung Engineering.

The total value of the preliminary engineering and procurement work for the onshore structures is approximately USD80 million for the joint venture. The scope of PCSA's work also includes the preparation of an Open Book Estimate for the execution of the entire project, which will be considered as part of the client's final investment decision.

This award comes as ADNOC is accelerating its expansion of its gas business as part of its low-carbon growth strategy to continue to responsibly meet global energy needs.

"ADNOC is committed to enhancing the UAE's abundant natural gas reserves to ensure the country's energy independence in gas, industrial growth and diversification, as well as meeting the growing global demand for gas," Maire explained.

Alessandro Bernini, managing director of Maire Tecnimont Group, commented, "We are honored to continue to support ADNOC in accelerating its growth plans in gas. Maire Tecnimont has been involved in the country's natural resource processing industry since the late 1990s, with the first polyolefin complex - Borouge 1 - completed in 2001. This contract confirms Maire Tecnimont's commitment to creating value in the UAE through its high-tech capabilities and distinctive skills."

Maire Tecnimont's stock is up 1.2 percent at EUR3.34 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.