Deals worth more than $4bn at oil show

An international oil show ended in Abu Dhabi on Thursday and organisers said the event saw the conclusion of deals worth more than $4 billion.

They include a $3 billion loan agreement between Adnoc and the Japanese BK Consortium to finance its oil expansion projects as well as other deals.

“Over $four billion of deals have been confirmed as a result of this year’s Abu Dhabi International Petroleum Conference and Exhibition (Adipec) with some of the biggest names in the global oil and gas industry securing contracts and re-confirming deals at the four-day event,” said Hifazat Ahmad, ADIPEC Director.

“At the end of day three we had over 38,000 visitors through the doors… this is almost as many as we had during the whole event in 2008, and with many more expected on the final day.”

Besides the Adnoc deal, Ducab, announced it has 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.

The UK’s Derrick Services Ltd (DSL) celebrated its expansion in the MENA region with the opening of its Algerian base and the awarding of a $3 million contract from CTF of Tunisia for the engineering and project planning for the decommissioning of CTF Rig 05 from Platform 2.

More than 1,500 companies from 60 countries participated in Adipec, which is held in Abu Dhabi every two years. A three-day conference on the latest oil and gas developments was organised during the event.