BP, ADNOC and Masdar collaborate in multi-billion dollar financial investment offer for clean and low carbon power
- BP, Abu Dhabi National Oil Company (ADNOC) and Masdar have partnered up to develop reduced carbon hydrogen hubs and create decarbonised air travel corridors between the UK and UAE in a deal that will see "billions" of dollars of investment.
Revealed the other day (16 September), the collaboration is developed of 3 contracts. The first agreement will see the companies collaborate to initially develop 2GW of low carbon hydrogen across centers in the UK and UAE, with the purpose to broaden as the project progresses.
The UK government has a target of 5GW of hydrogen manufacturing by 2030 and the arrangement has gotten the support of the UK Prime Minister Boris Johnson. He said the deal was "a fantastic financial investment in the markets of the future" and that the UK's Global Financial investment Top later this year will "attract more interesting financial investment such as this to the UK".
This very first arrangement likewise covers decarbonised air corridors in between the UK and UAE, among the globe's busiest traveling paths.
The 2nd agreement will see BP and clean energy company Masdar explore chances to create, build and operate sustainable power and wheelchair options for cities in the UK and the UAE. These will initially concentrate on the application of power efficiency and storage, cleaner gas and dispersed renewables generation.
In the third and last contract, BP and ADNOC plan to discover the potential to decarbonise oil and gas procedures in Abu Dhabi with Carbon Capture Use and Storage (CCUS) centers.
The areas of cooperation align with both the UK government's 10-point prepare for a green commercial change and the UAE Government's 'Principles of the 50', BP stated in a media declaration.
Today, BP poached RWE's head of renewables to replace its departing executive vice president of its gas and low carbon power department.