UAE targets energy-from-waste, starts Murban futures trades
The UAE is to develop an AED4 billion energy-from-waste facility which will be built by a consortium of companies under a 35-year concession with Dubai Municipality.
The public-private partnership, involving Dubal Holding, ITOCHU Corporation, Hitachi Zosen Inova, BESIX Group and Tech Group, represents one of the most significant renewables investments in the UAE.
The Dubai Centre for Waste Processing, located in the Warsan area, will treat 5,666 tonnes of municipal solid waste produced by Dubai per day and 1.9 million tonnes will be converted into renewable energy.
Approximately 200MW of electricity generated will be fed into the local grid as clean energy. The facility will have the capacity to process up to 45 percent of Dubai’s current municipal waste generation, in turn significantly minimising the volume of municipal waste in landfills.
News of Dubai's new renewables push coincided with the launch of International Exchange's ICE Futures Abu Dhabi and ICE Murban Crude oil futures. The opening price was $63.43 and as of 6pm BST, it recorded $63.65 with 6,342 lots traded.
ICE Futures Abu Dhabi (IFAD) is being launched by ADNOC and nine of the world’s largest energy traders including BP, ENEOS, GS Caltex, INPEX, PetroChina, PTT, Shell, TOTSA (Total) and Vitol.
Jeffrey C. Sprecher, Founder, Chairman and CEO of Intercontinental Exchange, said it was bringing a new benchmark to life. "Just as Murban has powered the UAE for the past 50 years, with this new futures contract there is a tremendous future ahead for Murban as a price marker for global energy markets," he said.
Contracts traded on IFAD are cleared at ICE Clear Europe, alongside ICE’s global energy futures platform covering oil, natural gas and the environmental complex.