Abu Dhabi - WAM
Mubadala Petroleum has announced the sale of its 51 percent interest in Petrofac Emirates to Nama Project Services LLC, an affiliate of Nama Development Enterprises for an undisclosed sum. Completion of the transaction is subject to conditions including the usual regulatory consents. Mubadala Petroleum, through its subsidiary Mubadala Petroleum Services Company, 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. This was in line with Mubadala\'s mandate to establish and nurture new businesses within Abu Dhabi to diversify and build the economy. Maurizio La Noce, CEO of Mubadala Petroleum, said, \"Mubadala Petroleum, in partnership with Petrofac International, established Petrofac Emirates five years ago as a major provider and centre of excellence for engineering, procurement and construction services to the oil and gas sector in the UAE and the region. Mubadala Petroleum has contributed local sector knowledge and relationships, and encouraged the recruitment and development of Emirati talent in to the business. 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, in line with Mubadala\'s strategic objectives and mandate. Mubadala Petroleum will concentrate on its core international business, and UAE gas supply projects. In this context, we will continue to support the Abu Dhabi based Petrofac Emirates business and will look at opportunities to leverage our existing and strong relationship with Petrofac International to identify mutually beneficial opportunities aligned with our ambitious growth objectives in our core geographies.\" Nama, established in 1993, is one of the leading local business groups serving the oil and gas, power and water and industrial sectors of the UAE economy. The company has a strong track record of successful collaboration and partnership with major international engineering and contracting companies as well as plant and equipment manufacturers. Matthew Hollis, Managing Director of Nama, said, \"We are very proud to have worked closely with Petrofac over the last 20 years. Their impressive performance has enabled them to grow in to one of the most successful leading EPC contractors in the world today. Their UAE joint venture with our friends in 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.\" In a subsequent announcement to the London Stock Exchange, Petrofac said that it had agreed to buy from Nama Project Services 26 per cent of the 51 per cent of Petrofac Emirates sold to Nama by Mubadala Petroleum. This \"will increase its economic interest in Petrofac Emirates... to 75 per cent,\" the announcement said. The remaining 25 per cent will be owned by Nama. Completion of the transaction, the Petrofac statement added, \"is subject to conditions precedent, including the usual regulatory consents.\"