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Petrofac Ltd Raises Stake In Abu Dhabi Based JV With Mubadala To 75%-DJ

Thursday, 18 Jul 2013 02:18am EDT 

Dow Jones reported that Petrofac Ltd said that it has entered into agreements which will increase its economic interest in Petrofac Emirates, its Abu Dhabi based joint venture with Mubadala Petroleum, to 75%. This follows the sale by Mubadala Petroleum of its shares in Petrofac Emirates to Nama Project Services LLC, an affiliate of Nama Development Enterprises, a local service provider to the energy industry across the United Arab Emirates. The remaining 25% will be to the benefit of Nama. Under the terms of the restructure, Petrofac will report 100% of the revenue and backlog on all current and future Petrofac Emirates' projects (with Nama's 25% economic interest reported as 'profit for the year attributable to non-controlling interests'). 

Company Quote

15.0 +1.27%
21 Nov 2014