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FINANCIAL NEWS
BP postpones $2b Abu Dhabi power plant
19 Jan 2011
(MENAFN) BP Alternative Energy chief of staff, Dominic Emery, said that the company decided to postpone the construction of the Abu Dhabi two billion dollars hydrogen power plant, reported The National.
Emery said that the plant, which was planned to produce carbon dioxide, was postponed until the Abu Dhabi Government announces the prices it would buy carbon dioxide at. He said that the matter is now in the hands of the government.
BP had completed preliminary engineering and design work for the plant, but suspended work as interest from the government cooled. This was clear when the proposed budget was decreased from $2.5 to $2 billion and also when completion date was pushed from 2013 to 2014.
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