Page 10 - AsiaElec Week 02 2023
P. 10
AsiaElec COMMENTARY AsiaElec
of the wider TA’ZIZ ecosystem, led by the Abu Masdar’s green hydrogen business for $1.02bn.
Dhabi Chemicals Derivatives Co. (TA’ZIZ) – a Following the deal, ADNOC holds 43% in Mas-
60:40 joint venture (JV) between ADNOC and dar green hydrogen and $24bn in the renewables
holding company ADQ. arm, with Mubadala holding 33% in both.
In early 2021, ADNOC, Mubadala and ADQ Masdar has a current capacity of 20 GW of
signed a memorandum of understanding (MoU) ‘clean energy’, which it intends to grow to 100
to establish the Abu Dhabi Hydrogen Alliance GW by 2030 while also leading the Emirates’
(ADHA) and with the oil firm currently produc- green hydrogen push.
ing around 300,000 tpy of hydrogen, accompa- For the last 12 months, ADNOC’s full grid
nying statements said that this alliance would power demand has been catered to using nuclear
“place special emphasis on blue hydrogen as a and solar power supplied by Emirates Water and
major natural gas producer and look to expand Electricity Co. (EWEC) and it has also signed off
its total hydrogen capacity to more than 500,000 on a $3.8bn project to build a sub-sea network
tpy”. that will link its onshore power grid to offshore
facilities, a synergy that ADNOC envisages
Power push reducing its offshore carbon footprint by up to
ADNOC said that the Abu Dhabi Future Energy 50%.
Co. (Masdar) would be responsible for delivering With these investments, ADNOC can once
the majority of its energy portfolio expansion. again claim to be leading the way for Gulf NOCs
In early December, the Abu Dhabi National when it comes to the energy transition, and the
Energy Co. (TAQA), ADNOC and Mubadala company’s integrated approach to decarbon-
agreed a deal allowing TAQA to take a leading isation is likely to be followed by its regional
role in Masdar’s renewable energy business. It competitors.
acquired a 43% shareholding alongside 24% in
P10 www. NEWSBASE .com Week 02 10•January•2023
