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FINANCIAL NEWS
Abu Dhabi’s Mubadala sells stake 51% in JV to Nama
19 Jul 2013
(MENAFN) Abu Dhabi-based Mubadala Petroleum has old 51 percent interest in Petrofac Emirates to Nama Project Services, an affiliate of energy group Nama Development Enterprises, WAM news agency reported.
Completion of the transaction is subject to conditions precedent, including the usual regulatory consents, Mubadala Petroleum said in a statement.
Petrofac Emirates is a joint venture between Mubadala Petroleum Services Company, a unit of Mubadala Petroleum and Petrofac International.
It was established in 2008 as the first UAE 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.
Mubadala Petroleum said that it will focus on its core international E&P business, and most important UAE gas supply projects.
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.
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