Abu Dhabi signs billion-dollar gas deal with Hyundai

Abu Dhabi, Dec 29 : Abu Dhabi Gas Liquefaction Company (ADGAS) and South Korea's Hyundai Heavy Industries Company (HHI) have signed a pact worth USD 1 billion to develop a gas field in the United Arab Emirates (UAE), WAM news agency reported.

Fahim Kazim, ADGAS general manager and Chang June Kang, Hyundai's chief executive officer for Offshore and Engineering Division, signed the agreement here Monday.

"The project we signed today is a major milestone that reflects ADGAS' commitment to participate in the country's national energy strategy," said Kazim.

"It will involve processing of high pressure gas and transporting it from offshore Umm Shaif field via a pipeline to the new IGD (Integrated Gas Development) facility on Das Island," said Bader Al Mohamadi, ADGAS projects division manager.

Das Island is part of the emirate of Abu Dhabi, but lies well offshore, about 160 km northwest of the mainland.

"We feel privileged to be part of this huge project which reflects Abu Dhabi's ambitious plans for the future, and we are keen on putting all our expertise to ensure the success and timely completion of this key project," Chang said.