Mubadala Petroleum has announced the sale of its 51 per cent interest in Petrofac Emirates to Nama Project Services in the UAE
The deal amount has yet to have been disclosed. Nama Project Services is an affiliate of Nama Development Enterprises, a service provider to the oil and gas sectors.
Mubadala Petroleum and Petrofac Limited together formed Petrofac Emirates in 2008 to provide a full range of engineering, design, procurement and construction services for onshore oil and gas, refining and petrochemical projects.
Meanwhile, following the agreement, Petrofac Limited gas been in talks to increase its economic interest in Petrofac Emirates to 75 per cent.
In 2013, Petrofac Emirates was awarded an engineering, procurement, construction, transportation and commissioning contract for the Zakum Development Company (ZADCO) Upper Zakum750 oilfield development in Abu Dhabi valued at approximately US$3.7bn, in addition to a US$187mn onshore EPC contract for the development of the Bab Habshan-1 project, as well as a US$500mn onshore EPC contract for expansion of gas compression facilities at the Bab field.
Maurizio La Noce, chief executive officer of Mubadala Petroleum, said, “Having nurtured and matured the business into a stable and profitable venture, Mubadala Petroleum’s interest is now being transferred to the UAE’s private sector. We will continue to support the Abu Dhabi based Petrofac Emirates business and will look at opportunities to leverage on our existing and strong relationship with Petrofac International.”
Matthew Hollis, managing director of Nama Development Enterprises, said, “Their UAE joint venture with Mubadala Petroleum has further enhanced this success in recent years and so for all of us at Nama it is now a great honour to have been given the opportunity to be partners in bringing Petrofac Emirates into the private sector here in Abu Dhabi.”