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Agreement with state-owned SOCAR to develop system to cut losses, emissions
IntelliGrid, Abu Dhabi AI company Presight’s joint venture (JV) with Esyasoft Holding, has secured a $480 million deal with Azerbaijain’s oil and gas company SOCAR.
As part of the agreement, an AI-backed system will be developed to optimise gas consumption in Azerbaijan, and at the same time, cut down on emissions and losses, boost overall operations and advance the country’s sustainability goals.
The smart gas grid management system will be deployed across the service area of SOCAR’s subsidiary AzeriGas. It will track consumption, detect any leakage and optimise gas flows.
AzeriGas is a natural gas distributor serving around 2.6 million residential, commercial and industrial customers in Azerbaijan.
The deal was signed ahead of Azerbaijans hosting of the COP29 climate change conference.
Presight, which listed on the Abu Dhabi Securities Exchange (ADX) last year, recorded around AED 1.17 billion in revenues for the first nine months of the year, up by 9.6% from a year earlier, supported by a strong order book growth. |
