ABU DHABI: Abu Dhabi National Oil Co (ADNOC) and US-based Occidental Petroleum said on Tuesday they planned to expand their Al Hosn gas facility, adding 50 percent more processing capacity.
"The plant could become operational within the life span of ADNOC's new five-year business plan - part of the company's '2030 Strategy' - which was recently approved by Abu Dhabi's Supreme Petroleum Council," ADNOC said in a statement. ADNOC holds a 60 percent share in the Al Hosn joint venture and Occidental Petroleum 40 percent.
The project is vital for keeping the United Arab Emirates supplied with fuel and reducing its growing gas imports.
The UAE is investing $35 billion to diversify its energy mix and reduce its dependence on natural gas imports for power generation, the country's energy minister said on Sunday.
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