Renta 4| The gas division of the state-owned oil company Abu Dhabi National Oil Company (Adnoc Gas) has reportedly awarded the Joint Venture formed by National Petroleum Construction Co. and Técnicas Reunidas (TRE) a contract worth up to $3.6 billion to expand its gas processing infrastructures in the UAE.
Specifically, the contract calls for the construction of new gas processing facilities to optimise supply to the Ruwais industrial complex. The aim is to maximise ethanol extraction from the company’s facilities at the Habshan complex by 35%-40%, and to increase the value of ethanol by supplying Ruwais directly through a 120-kilometre gas pipeline.
Assessment: Given that the JV is 50% owned by both companies, the revenues to be received by Técnicas Reunidas could amount to $1.5 billion: €1,636 million and increases the order intake over the course of 2023 to €3,400 million, approaching the target of €5,000 million set for the year as a whole. This is undoubtedly magnificent news for the company, which is in the midst of a recovery in its activity levels and results.
