September 2, 2008

Petrofac, Mubadala to Establish JV to Service UAE Market

Petrofac, a UK-based oil and gas facilities service provider, and the Mubadala Petroleum Services Company, a wholly owned subsidiary of the Mubadala Development Company, have announced plans to establish a joint venture company, Petrofac Emirates.

Based in Abu Dhabi in the United Arab Emirates (UAE), and scheduled to begin operation within 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 UAE.

Ibrahim Al Ansari, chairman of the Mubadala Petroleum Services Company, said: "Petrofac Emirates will provide safe, efficient and cost effective services to the energy industry. 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."