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Dolphin Signs Long-term Gas Contracts with ADWEA

Source: 10/19/2003, Location: Middle East

Abu Dhabi, Sunday October 19, 2003 Dolphin Energy Limited (DEL) announced today the signature of binding agreements to supply of future Dolphin gas to the Abu Dhabi Water & Electricity Authority (ADWEA).

The signings took place at the Palace of His Highness Sheikh Hamdan Bin Zayed Al Nahyan, the UAE's Deputy Prime Minister and Minister of State for Foreign Affairs, who is also Chairman of Dolphin Energy Limited.

The contract between Dolphin Energy and ADWEA was signed by Sheikh Hamdan and the Chairman of ADWEA, His Highness Sheikh Diab Bin Zayed Al Nahyan.

Abu Dhabi Emiri Decree No 8 of 2002, issued on May 26 last year, approved the incorporation of Dolphin Energy and defined its role in detail. On May 28, 2002, the Abu Dhabi Supreme Petroleum Council issued its Decision Number 1 of 2002, which clarified Dolphin's responsibilities and described its marketing and distribution tasks.

The Dolphin Gas Project is a unique strategic regional energy initiative, which comes on stream in 2006. It involves the development of substantial natural gas reserves from Qatar's offshore North Field, their processing onshore at Qatar's Ras Laffan and transportation by export pipeline of up to 3.2 billion cubic feet a day (bcf/d) of refined natural gas to the UAE.

The Agreement with ADWEA

The contract signed with ADWEA provides for the supply of required quantities of Dolphin gas from Qatar for 25 years to ADWEA subsidiaries Al Taweelah Power Company, Al Arabiya Power Company, Emirates CMC Power Company and Gulf Total Tractabel Power Company.

Sheikh Hamdan said after the signing ceremony: "This agreement is an essential step in cementing Dolphin's role as a leading Middle East gas developer. The continuous support of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has been instrumental in developing this project and making it a reality for the people of the UAE."

He added: "ADWEA has always been a key element in the development of the Dolphin Gas Project signature of this contract is a very important step in supplying the UAE with a secure source of energy."

For ADWEA, Sheikh Diab stated: "The signing of this contract is in line with ADWEA's program to develop the power sector and to provide best services to citizens, as inspired by the President His Highness Sheikh Zayed bin Sultan Al Nahayan and His Highness Sheikh Khalifa bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the Armed Forces."

He described the 25-year agreement for the supply of natural gas as a strategic step towards acquiring a dependable long-term source of energy, based on the pioneering contribution of Dolphin Energy.

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