Abu Dhabi’s National Petroleum Construction Company (NPCC) signed a strategic agreement with the Petroleum Projects and Technical Consultations Company (Petrojet) to explore opportunities in the UAE and Egypt.
Under a preliminary deal, the two companies will explore engineering, procurement and construction project opportunities in the energy sector, NPCC said on Wednesday.
“Petrojet has proven capabilities in the execution of petroleum, petrochemical, industrial and marine projects of different nature and size inside and outside Egypt,” NPCC said.
“The MoU is a step towards exploring major opportunities in offering the vast experience of both companies and to expand the business into new areas of interest.”
NPCC is a unit of Abu Dhabi-listed National Marine Dredging Company. It has operations in the Arabian Gulf, South Asia and South-East Asia, and plans to expand to Africa and the Caspian region.
The company owns a fleet of 23 offshore vessels with modern equipment to support its shallow and deepwater operations. As of March 2019, NPCC had executed more than 1,216 EPC projects.
“We continue to build on our partnerships with Petrojet through the strategic agreement to explore growth opportunities that benefit all the entities,” Ahmed Al Dhaheri, chief executive of NPCC, said.
Earlier this year, Abu Dhabi National Oil Company awarded a $744 million contract to NPCC to fully develop the offshore Belbazem block to boost its production capacity to 45,000 barrels per day of light crude, with the first barrel of oil expected in 2023.
It also signed a preliminary agreement with France's Technip Energies to form a joint venture to collaborate on energy transition projects in the UAE and the broader Middle East and North Africa region.
