Over $4bn of deals closed at UAE energy conference

05/11/2010 - Dubai Investment News
Over $4bn of deals closed at UAE energy conference

Posted by Neil King

Over $4 billion of deals have been confirmed as a result of this year's ADIPEC (Abu Dhabi International Petroleum Conference and Exhibition), which ran from November 1st-4th.

Event director Hifazat Ahmad revealed that 38,000 visitors were received on day three of ADIPEC 2010 - almost as many as attended during the whole event in 2008.

"There has been a real buzz on the show floor, whether its deals being discussed, relationships being formed or partnerships coming together," the organiser said.

"Many of these deals may have been in talks for months but companies recognise that ADIPEC is an ideal platform to sign on the dotted line and confirm the projects."

One of the major deals involved Abu Dhabi's national oil company, ADNOC, signing a $3 billion agreement with the Japanese Bk Consortium as part of its aim to double production output by 2018.

Leading UAE based cable manufacturer Ducab also announced it had signed a $29.9 million contract with China Petroleum Engineering & Construction to provide cables for a strategic pipeline that will be the first to deliver UAE crude directly to the Arabian Sea Coast, bypassing the Strait of Hormuz.ADNFCR-2019-ID-800220168-ADNFCR