The National Petroleum Construction Company, now part of Abu Dhabi's Department of Economy, will be privatised through a public offering, it was announced yesterday.
"Shaikh Hamed Bin Zayed Al Nahyan, Chairman of Abu Dhabi's Department of Economy, has restructured the National Petroleum Construction Company [NPCC] to enhance employees' performance and to [incorporate the expertise of] competent local and expatriate professionals.
This should help the NPCC compete with international companies and eventually improve its financial results, [so that] the prime objective of float[ing] the company through a public offering in the near future [can be achieved]," said a statement from NPCC.
Adnoc's 70 per cent share in NPCC has been transferred to the General Holding Corporation (GHC) in Abu Dhabi chaired by Shaikh Hamed.
Decree No.9 (2004) was issued to transfer all the shares of NPCC held by Adnoc to the GHC.
Shaikh Hamed has reconstituted the board of directors of NPCC to include representatives of the GHC and of the other shareholder, Consolidated Contractors Company (CCC). The board members include: Nasser Bin Ahmad Al Suwaidi as chairman; and Hussain Jasem Al Nowais, Mohammad Nasser Al Kheli and the general managers of Zadco, Adgas and Adma-Opco as members.
Three representatives of CCC - Tawfic Said Khoury, Munir Elias Khoury and Fareed Bishara Ashfour - are also part of the board.
The new board members met on December 15, 2004. The board formed an executive committee to support the management of the company.
Created in 1973, NPCC has worked on projects for local and international oil companies, both onshore and offshore, across the UAE, Qatar, Saudi Arabia, Kuwait, India and Iran.