Mubadala and Petrofac form joint venture

01 September 2008

UAE-based Petrofac and Abu Dhabi-owned Mubadala Petroleum Services Company are to form a joint venture engineering, procurement and construction company.

The new firm, based in Abu Dhabi, will be called Petrofac Emirates.

It is due to start operations in the next few months and will provide a full range of engineering, design, procurement and construction services for onshore oil and gas, refining and petrochemicals projects throughout the UAE.

“The establishment of this joint venture furthers the diversification of Abu Dhabi in the energy sector and will contribute to ensure the future sustainability of a very important industry through investment in local capabilities and human resources,” says Ibrahim al-Ansari, chairman of MPSC, a subsidiary of the state-owned Mubadala Development Company.

As part of the deal, Petrofac will assign management and engineering staff to the new company and help it set up an engineering centre.

Petrofac recently submitted a low bid of $4.5bn for the Sahil, Asab and Shah full-field development in Abu Dhabi (MEED 22:8:08).

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