UAE - Mubasher: The Abu Dhabi National Oil Company (ADNOC) has inked framework agreements worth $1 billion (AED 3.67 billion) for the concept and front-end engineering design (FEED) services for major projects across the company's full value chain.
To achieve its 2030 strategy, ADNOC has entered into the framework agreements of duration between 2021 and 2026 with eight global engineering contractors, according to a press release on Monday.
The contractors comprise AMEC International, Fluor, McDermott, Mott MacDonald, SNC-Lavalin International Arabia Limited – Abu Dhabi, Technip Energies, Worley, and a joint venture between Tecnicas Reunidas and NPCC.
A total of 50% of the agreements' value will potentially be injected into the UAE's economy under ADNOC’s In-Country Value (ICV) programme
The ADNOC People, Technology, and Corporate Support Executive Director, Abdulmunim Saif Al Kindy, said: "These framework agreements follow a very competitive tender process and the smart nature of the deals will deliver substantial cost savings, optimise project delivery schedules, and provide ADNOC with increased flexibility to drive its growth targets and proactively respond to the demands of the fast-evolving energy landscape."
