UAE’s NMDC Group, a provider of engineering, procurement, construction (EPC), and marine dredging services, has signed an agreement with ADNOC Logistics & Services (ADNOC L&S) to explore collaboration on delivering maritime services for offshore projects.
As reported by NMDC, the three-year agreement includes provisions for marine services and integrated logistics. The deal is said to strengthen the partnership between the UAE duo, establishing an expanded framework for continued collaboration on offshore EPC projects in Abu Dhabi.
Yasser Zaghloul , CEO of NMDC Group, said that the agreement will ensure a robust framework enabling the two companies to focus on synergies across various sectors in which they operate. He believes this will contribute to market sector differentiation and value growth that will boost the industrial marine sector in Abu Dhabi and beyond.
Captain Abdulkareem Al Masabi , CEO of ADNOC L&S, noted: “This partnership supports ADNOC L&S’s long-term objective to provide world-class, integrated logistics solutions that enable the UAE’s offshore energy growth. By combining our expertise with NMDC, we will create new opportunities, deliver value to ADNOC, our shareholders and our customers, and advance the UAE’s economic development.”
This comes on the heels of the announcement of ADNOC’s selection for inclusion in the international equity index FTSE Emerging Index, which is part of the FTSE Russell Global Equity Index Series (GEIS). According to analysts’ estimates, this could bring up to $250 million in incremental investment for the UAE giant.
The UAE company also reached a final investment decision (FID) for Train 4 at its Rio Grande LNG terminal in Texas. Boasting an LNG production capacity of around 6 million tonnes per annum (mtpa), the train will bring the total expected LNG production capacity under construction at the facility to approximately 24 mtpa.