Petrofac, Abu Dhabi's Mubadala start joint venture

DUBAI, United Arab Emirates (AP) -- Oil industry service provider Petrofac and the Abu Dhabi state investment firm Mubadala say they plan to establish a new energy-related joint venture in the oil-rich emirate.

The new company, to be called Petrofac Emirates, will provide engineering and construction services for onshore oil and gas, refining and petrochemical projects throughout the United Arab Emirates. The Emirates are one of the world's largest producers of oil.

The companies say the joint venture will begin operation within a few months. Some of Petrofac's existing management and engineering staff in the nearby emirate of Sharjah will be assigned to the new company.

Financial terms of the deal were not provided Monday.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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