Abu Dhabi firm in JV with oil facilities service major Petrofac

September 1st, 2008 - 4:51 pm ICT by IANS  

Dubai, Sep 1 (IANS) The United Arab Emirates (UAE)-based Mubadala Petroleum Services Company (MPSC) and global oil and gas facilities service provider Petrofac announced Monday their plans to establish a new joint venture company.To be called Petrofac Emirates, 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, according to a statement from MPSC.

MPSC is a wholly owned subsidiary of the Abu Dhabi government’s Mubadala Development Company.

The London Stock Exchange-listed Petrofac has its main corporate office in London and major offices in Sharjah in the UAE, Mumbai in India and Aberdeen in Scotland.

According to the MPSC statement, Petrofac Emirates will be based in Abu Dhabi and begin operations in the next few months.

“Petrofac Emirates will provide safe, efficient and cost effective services to the energy industry,” MPSC chairman Ibrahim Al Ansari said in the statement.

“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,” he added.

Rajesh Verma, executive vice-president of Petrofac’s engineering and construction division, said that selected management and engineering staff from his division in Sharjah would be assigned to the joint venture in order to help establish its initial business structure and operating procedures before the end of this year.

“We plan to have a world class engineering centre in Abu Dhabi with several hundred full time staff within the next few years,” he said.

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