Mubadala, Petrofac tie up for new venture in oil and gas sector

Abu Dhabi: Petrofac Limited and Mubadala Petroleum Services Company LLC (MPSC) announced on Monday 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 UAE.

"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.