UAE to Produce 230MW of Electricity Via Waste Heat Recovery Project

ADNOC’s Waste Heat Recovery project is designed to capture exhaust heat from the gas-powered turbines at ADNOC Refining’s General Utilities Plant. (Asharq Al-Awsat)
ADNOC’s Waste Heat Recovery project is designed to capture exhaust heat from the gas-powered turbines at ADNOC Refining’s General Utilities Plant. (Asharq Al-Awsat)
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UAE to Produce 230MW of Electricity Via Waste Heat Recovery Project

ADNOC’s Waste Heat Recovery project is designed to capture exhaust heat from the gas-powered turbines at ADNOC Refining’s General Utilities Plant. (Asharq Al-Awsat)
ADNOC’s Waste Heat Recovery project is designed to capture exhaust heat from the gas-powered turbines at ADNOC Refining’s General Utilities Plant. (Asharq Al-Awsat)

The UAE’s Waste Heat Recovery project will recycle waste heat generated from the plant to produce up to an additional 230 megawatts (MW) of electricity per day – enough to power hundreds of thousands of homes.

It will also produce 62,400 cubic meters of distilled water per day for use in the plant.

Overall, the project will increase power production and thermal efficiency at the plant by around 30% with no additional carbon dioxide (CO2) emissions.

ADNOC Refining, a joint venture company between the Abu Dhabi National Oil Company (ADNOC), Italy’s Eni, and Austrian OMV, is set to complete the first phase of its AED2.2 billion ($600 million) project, which started in 2018 at the General Utilities Plant in Ruwais, Abu Dhabi.

Phase one of the project, which includes the operation of two new boilers and turbines, will be completed before the end of the year, while phase two, which includes a further two boilers, will be completed around mid-2023.

Abdulla Ateya al-Messabi, CEO of ADNOC Refining, said the company is committed to finding innovative ways to improve the efficiency and sustainability of its operations.

“The project will revolutionize power and water generation at our plant in Ruwais and is vital to the ongoing expansion of Ruwais as part of ADNOC’s 2030 smart growth strategy.”

ADNOC’s Waste Heat Recovery project is designed to capture exhaust heat from the gas-powered turbines at ADNOC Refining’s General Utilities Plant, which is currently vented into the atmosphere, to produce steam that is subsequently used for power production.

The Waste Heat Recovery project is one of several strategic initiatives to decarbonize ADNOC’s operations and builds on the company’s heritage of responsible environmental stewardship.

This includes milestones such as the implementation of a zero routine gas flaring policy in the early 2000s and establishing the region’s first commercial-scale Carbon Capture and Underground Storage facility in 2016.



Gold Advances as Softer Core CPI Data Revives Fed Easing Hopes

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Advances as Softer Core CPI Data Revives Fed Easing Hopes

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices extended gains on Wednesday, as the dollar dipped after US core inflation data came in softer than expected, abating inflation pressures and rekindling expectations that the Federal Reserve's easing cycle may not be over yet.

Spot gold gained 0.4% to $2,688.19 per ounce by 0915 a.m. ET (1415 GMT). US gold futures were up 1.1% to $2,711.40.

Excluding volatile food and energy components, core CPI increased 3.2% on an annual basis, compared with an expected 3.3% rise, the US Bureau of Labor Statistics said on Wednesday, Reuters reported.

"Core CPI came in a little bit below expectations. This is a bit of a positive for gold... The corollary to this is that the Fed will not necessarily exclude the possibility of cutting rates," said Bart Melek, head of commodity strategies at TD Securities.

"The probability of a rate cut in January is kind of nothing, but we are pricing some rate cuts by the end of the year here."

Markets now expect the Fed to deliver 40 basis points (bps) worth of rate cuts by year-end, compared with about 31 bps before the inflation data.

The dollar index eased 0.4%, making bullion more attractive for other currency holders. The benchmark 10-year Treasury yields also slipped.

Investors are worried that the potential for tariffs after President-elect Donald Trump re-enters the White House next week could stoke inflation and limit the Fed's ability to lower rates to a greater extent.

Non-yielding bullion is considered a hedge against inflation, although higher rates diminish its appeal.

However, the uncertainties around Trump's tariffs and trade policies for the global economy and their potential impact on growth are likely to sustain safe-haven demand for gold, said Zain Vawda, market analyst at MarketPulse by OANDA.

Spot silver firmed 1% to $30.23 per ounce, platinum rose 0.4% to $938.70, and palladium added 2% to $960.25.