Mubadala and Petrofac establish a new joint venture01 September 2008
Petrofac Limited, the international oil & gas facilities service provider, and Mubadala Petroleum Services Company LLC (MPSC), a wholly-owned subsidiary of Mubadala Development Company, announced today their plans to establish a joint venture company, Petrofac Emirates LLC. Based in Abu Dhabi and scheduled to begin operation within the next few months, the new company will provide a full range of engineering, design, procurement and construction services for onshore oil and gas, refining and petrochemical projects throughout the United Arab Emirates.
“Petrofac Emirates will provide safe, efficient and cost effective services to the energy industry,” said Ibrahim Al Ansari, Chairman of Mubadala Petroleum Services Company. “The establishment of this joint venture also 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,” added Al Ansari.
“Selected management and engineering staff from Petrofac’s Engineering & Construction division in Sharjah will be assigned to the joint venture in order to help establish its initial business structure and operating procedures before end of this year”, said Rajesh Verma, executive vice president of Petrofac’s Engineering & Construction division. “We plan to have a world class engineering centre in Abu Dhabi with several hundred full time staff within the next few years.”
Maroun Semaan, chief executive of Petrofac’s Engineering & Construction division commented: “We believe this alliance with Mubadala will create significant business opportunities for Petrofac Emirates and reinforces Petrofac’s commitment to building and strengthening business operations in Abu Dhabi and the UAE.”