MOSCOW (MRC) -- The UAE's Abu Dhabi National Oil Co. and Taqa plan to jointly develop at least 30 GW of renewable energy by 2030 under the country's 2050 net zero strategy, reported S&P Global with reference to the companies' statements Nov. 17.
The efforts will focus on domestic and international renewables developments, waste-to-energy projects and green hydrogen production, though no specific initiatives were unveiled in the announcement.
"The partnership between ADNOC and TAQA envisages both parties entering into detailed joint venture arrangements as well as the completion of necessary transaction requirements, including obtaining relevant third-party and regulatory approvals," the companies said in the statement.
State-owned ADNOC pumps the vast majority of crude oil in the UAE, which is OPEC's third largest producer, while publicly-listed Taqa, also known as Abu Dhabi National Energy Co., is the emirate's state-run energy holding company.
"The landmark clean energy partnership brings ADNOC and TAQA's green hydrogen development projects together by combining TAQA's expertise in the development and optimization of renewable power, in particular low-cost solar power and ADNOC's ongoing efforts to create domestic and international hydrogen value chains," ADNOC said in the statement.
The UAE was the first Middle Eastern country to commit to a net-zero emissions target, with AED 600 billion (USD163 billion) in planned renewables investments.
ADNOC, which aims to decrease its greenhouse-gas emissions intensity by 25% by 2030, aims to use nuclear and solar energy to completely power its operations to bolster its claims of pumping some of the world's least carbon-intensive crudes. The UAE is targeting a 25% global market share of low-carbon hydrogen by 2030 with the launch of its "hydrogen leadership roadmap" at the UN Climate Change Conference.
ADNOC produces over 300,000 mt/year of blue hydrogen, and plans to increase this to 500,000 mt/year.
As MRC informed earlier, ADNOC) has just signed of a strategic partnership with Borealis AG that confirms a USD6.2 B (AED22 B) investment agreement between the companies to build the fourth Borouge facility - Borouge 4 - at the polyolefin manufacturing complex in Ruwais, United Arab Emirates (UAE), which will produce 1.4 MM tons of polyethylene (PE) per year. Expansion project includes construction of a 1.5 MM tons ethane cracker, two state-of-the-art Borstar PE plants and a cross-linked PE plant. Borouge 4 will meet growing customer demand across the Middle East, Africa and Asia with differentiated polyolefin solutions in energy, infrastructure, and advanced packaging.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,868,160 tonnes in the first nine months of 2021, up by 18% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,138,510 tonnes in January-September 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding statistical copolymers of propylene (PP random copolymers) decreased significantly.