Mubadala Petroleum has announced the sale of its 51% stake in Petrofac Emirates to Nama Project Services, an affiliate of Nama, for an undisclosed sum.
Mubadala Petroleum had formed the Petrofac Emirates joint venture with Petrofac International Limited in 2008 as the first United Arab Emirates joint venture company to provide a full range of engineering, design, procurement and construction services for major onshore oil and gas, refining and petrochemical projects. Petrofac Emirates has now established itself as a major player in the Emirates' energy sector. In 2013, Petrofac Emirates was awarded a mega engineering, procurement, construction, transportation and commissioning contract for the ZADCO Upper Zakum, UZ750 field development in Abu Dhabi, valued at approximately US$3.7bn (Petrofac Emirates’ share US$2.9bn), in addition to a US$187m onshore EPC contract for the development of the Bab Habshan-1 project and a US$500m onshore EPC contract for expansion of gas compression facilities at the Bab field.