Dubai: Al Jaber Energy Services has acquired $300 million (Dh1.102 billion) in financing facilities from Abu Dhabi Islamic Bank to build large segments of the Shah Gas project.
The project was awarded to Al Jaber by Abu Dhabi Gas Development Company, a subsidiary of Abu Dhabi National Oil Company (Adnoc) and is part of the $12 billion Shah sour gas field development. It includes the construction of a four-lane dual carriageway and asphalt road, connecting the Shah area to the Liwa road.
Also part of Al Jaber’s contract is 27 million cubic metres of cut, fill and levelling work to prepare the site for process, production and sulphur recovery, as well as utilities and off-site packages.
The 16-month financing agreement was signed at Al Jaber Group Head Office by the chief executives of Al Jaber and ADIB.
“This is a large-scale development that Al Jaber Group has undertaken to complete in a very short span of time. ADIB is pleased to participate in such large infrastructure development projects in the UAE,” ADIB CEO Tirad Mahmoud said in a statement.
