Joint venture to provide oil, gas services

JOINT VENTURE: The new company will offer services for onshore oil and gas. (Getty Images)

Petrofac Limited, an oil & gas facilities service provider, and Mubadala Petroleum Services Company, has announced plans to establish a joint venture company to further diversify the region’s energy sector.

Abu Dhabi-based Petrofac Emirates said on Monday it will begin operation within the next few months and will provide a full range of engineering, design, procurement and construction services for onshore oil and gas, refining and petrochemical projects throughout the UAE.

“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,” Ibrahim Al Ansari, chairman of Mubadala Petroleum Services Company said in a statement.

Management and engineering staff from Petrofac’s Engineering & Construction division in Sharjah will be assigned to the joint venture to help establish its initial business structure.

The company said it aims to have several hundred full time staff within the next few years.

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