Petrofac increases stake in Petrofac Emirates

18th Jul 2013 07:03

Petrofac has agreed to increase its interest in Petrofac Emirates, its Abu Dhabi based joint venture with Mubdala Petroleum, to 75 per cent. It comes after Mubadala Petroleum sold its shares in the joint venture to Nama Project Services, an affiliate of Nama Development Enterprises, a service provider to the energy industry in the United Arab Emirates (UAE). Nama will now hold the remaining 25% stake.Petrofac Emirates was formed in 2008 to provide a full range of engineering, design, procurement and construction services for major onshore oil and gas, refining and petrochemical projects in the UAE.Petrofac said the joint venture has grown strongly since 2008 and in 2013 was awarded three strategically important projects in Abu Dhabi. These included an engineering, procurement, construction (EPC), transportation and commissioning contract for the Upper Zakum field in consortium with Daewoo Shipbuilding & Marine Engineering Co; a $187m onshore EPC contract for the development of the Bab Habshan-1 project and a $500m onshore EPC contract for expansion of gas compression facilities at the Bab field.Marwan Chedid, Chief Executive of Petrofac's Engineering, Construction, Operations and Maintenance division, said: "Since its inception in 2008, we have established a first class engineering centre in Abu Dhabi with Petrofac Emirates. "The joint venture has created business opportunities and established strong relationships over the last five years, in addition to helping Petrofac to expand our local talent pool by attracting UAE nationals to join our talented team. Looking forward, we want to build on the success we have achieved to date, including the important projects we have secured in Abu Dhabi this year."RD