NMDC Energy has secured a $1.1 billion contract to build a subsea gas pipeline project in Taiwan
NMDC Energy, part of Abu Dhabi’s National Marine Dredging Company (NMDC), has won a $1.136 billion contract from Taiwan Power Company (Taipower). The contract is for engineering, procurement, and construction (EPC) work on the second phase of upgrading the Tung-Hsiao Power Plant, as announced by the company on Thursday.
New Contract
- The subsea gas pipeline project involves designing, building, and installing 111 kilometers of underwater pipeline, with depths ranging from 10 to 55 meters, running between Taichung and Tung-Hsiao on Taiwan’s west coast.
- The work includes preparing the shore and dredging around six million cubic meters of material.
- NMDC stated that the second phase of the Tung-Hsiao Power Plant project is important for helping Taiwan switch to cleaner energy. It will allow the delivery of 2.3 million tonnes of natural gas each year to meet growing energy needs and improve energy security in Taiwan.
- NMDC Energy will lead the project, supported by NMDC Dredging & Marine.
- Ahmed Salem Al Dhaheri, CEO of NMDC Energy, mentioned that the company has been expanding into Taiwan’s renewable energy sector over the last three years, forming partnerships to explore clean energy opportunities.
Important statement
“Our work in Taiwan is not just about building infrastructure; it shows our commitment to creating sustainable energy solutions in an important region,” said Yasser Zaghloul, CEO of NMDC Group, who is ranked 17th on Forbes Middle East’s list of top CEOs for 2024.
Expanding operations
In November, NMDC Energy announced a partnership with e& to use 5G and artificial intelligence (AI) to improve efficiency, safety, and sustainability in energy operations.
The month before, the UAE-based energy company joined the FADXI15, a Shariah-compliant index that includes 15 companies aimed at global Islamic investors.
NMDC operates in Bahrain, Egypt, Saudi Arabia, India, Kuwait, Maldives, and East Africa, and is ranked second in Forbes Middle East’s Sustainability Leaders in the Real Estate & Construction category.
Share price
Shares of NMDC Energy, listed in Abu Dhabi, increased by 2.8% to $0.8 (AED 2.94) at 12:22 pm AST Arabia on Thursday, making the company’s market value $4 billion (AED 14.7 billion) as of January 9, 2025.
The company went public in September and raised $877 million (AED 3.22 billion) in its initial public offering (IPO), which was 31.3 times oversubscribed.
Published: 9th January 2025
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