Presight JV secures $480mln Azerbaijan gas grid modernization deal
Deal News | Nov 12, 2024 | Zawya
In a significant development for Azerbaijan's energy infrastructure, the joint venture between Abu Dhabi-based AI company Presight and Esyasoft Holding has secured a $480 million deal with Azerbaijan's oil and gas company, SOCAR. The agreement focuses on developing an AI-driven smart gas grid management system for SOCAR’s subsidiary, AzeriGas. This system will optimize gas consumption, minimize emissions and losses, and enhance operational performance, which aligns with Azerbaijan's sustainability and climate goals. The new system will monitor gas consumption, detect leaks, and improve gas flow optimization, serving the approximately 2.6 million customers of AzeriGas. The signing of this deal precedes Azerbaijan's hosting of the COP29 climate conference, further emphasizing the nation's commitment to sustainability. Presight, listed on the Abu Dhabi Securities Exchange since last year, has shown a robust financial performance with revenues of AED 1.17 billion for the first nine months, marking a 9.6% increase year-on-year, driven by a burgeoning order book.
Sectors
- Artificial Intelligence
- Oil and Gas
- Utilities
Geography
- Azerbaijan – The project targets the gas distribution system in Azerbaijan, and involves SOCAR and its subsidiary, AzeriGas.
- United Arab Emirates – Presight, the company part of the joint venture, is based in Abu Dhabi, UAE.
Industry
- Artificial Intelligence – The deal involves the implementation of AI technologies to optimize gas distribution and consumption, showcasing applications within AI industry to drive efficiency and sustainability.
- Oil and Gas – SOCAR and its subsidiary, AzeriGas, are central to the project, which aims to modernize Azerbaijan's gas distribution system.
- Utilities – The focus of improving gas distribution systems directly relates to utility services provided by AzeriGas.
Financials
- $480 million – Total value of the deal to develop the AI-backed gas distribution system in Azerbaijan.
- AED 1.17 billion – Presight's revenue for the first nine months of the year, reflecting a 9.6% increase from the prior year.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Presight | Joint Venture Partner | Companies | An Abu Dhabi-based AI company that is part of the joint venture to modernize Azerbaijan's gas distribution system. |
| Esyasoft Holding | Joint Venture Partner | Companies | Partner company with Presight in the AI-driven smart gas grid management system project. |
| SOCAR | Target Company | Companies | The State Oil Company of Azerbaijan Republic, involved in the national oil and gas industry. |
| AzeriGas | Service Organization | Companies | A SOCAR subsidiary responsible for gas distribution in Azerbaijan and the operational domain for the new system. |