Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA) are the nation’s two largest oil companies. AD announced on Monday that they had completed the funding for a $2.2 billion project to equip ADNOC’s onshore facilities with a reliable water supply.

As part of the oil giant’s efforts to decarbonize its operations, the project, which was unveiled in May, will include a centralised sea water treatment facility for ADNOC’s activities at the Bab and Bu Hasa fields in Abu Dhabi.

According to a public statement from ADNOC and TAQA, a group of nine local and foreign banks will fund the project using a mix of conventional and Islamic financing options.

First Abu Dhabi Bank, Gulf International Bank, Natixis, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Emirates NBD, Emirates Development Bank, and Warba Bank are the institutions providing project financing.

A saltwater treatment facility, as well as a transportation and distribution network, will be built by a consortium that includes Orascom Construction and Metito.

The project is mainly owned by ADNOC and TAQA, who each hold a 25.5% stake. The consortium will hold the remaining shares under a build, own, operate, and transfer model.

A $1.5-2.5 billion investment in Gautam Adani’s power operations, including thermal generating, transmission, clean energy, and green hydrogen, was previously being considered by Abu Dhabi National Energy Co. (TAQA). TAQA is currently planning to invest up to $2.2 billion in Adani Energy Solutions, formerly known as Adani Transmission, by purchasing up to 19.9% of the company. Although there have been discussions about investing in other Adani Group companies, Adani Energy Solutions is said to offer the greatest potential for a strategic partnership with TAQA.

Prior to this, India and Saudi Arabia decided to form a joint task force to hasten the Ratnagiri Refinery and Petrochemicals Limited (RRPCL) project’s construction in Maharashtra. The project, which is expected to cost Rs 3 lakh crore, aims to satisfy India’s rising energy needs and position the nation as a hub for refining. However, opposition to the project from political parties and environmentalists has resulted in demonstrations and arrests.

The leading refiner in the nation, Indian Oil Corp., struck long-term LNG import agreements with France’s TotalEnergies and United Arab Emirates’ Abu Dhabi Gas Liquefaction Co. Ltd. (ADNOC LNG) in July.

During Prime Minister Narendra Modi’s visit to France and the UAE last week, the two agreements were inked. According to two different assertions made by the Indian business, supplies under the two agreements will start in 2026.