Six local and international companies submitted bids by the 7 May deadline. ACC's offer is about 1.5 per cent lower than the next price of AED 369.4 million ($100.6 million) submitted by Athens-based Consolidated Contractors International Company (CCC).

To be called the Petroleum Institute, the college will be managed by the US' Colorado School of Mines.

The contract on the project will cover the construction of five buildings for the academic courses, a resource centre, administrative buildings, roads and landscaping and related mechanical, electrical and plumbing (MEP) works.

The client, Abu Dhabi National Oil Company (ADNOC), will build the facilities in partnership with Japan Oil Development Company, France's TotalFinaElf, the UK's BPand the Royal/Dutch Shell Group. The US' NBBJSports & EntertainmentPartnership has prepared the design and is the consultant on the project. Hill International, also of the US, is the project manager.

The institute will be an independent legal entity and have a governing council with a board of directors to be approved by Abu Dhabi's Supreme Petroleum Council (MEED 29:11:02; 27:4:01).