Mubadala Petroleum has sold its stake in an oilfield-services joint venture in a bid to grow the private energy sector.
The unit of Mubadala Development, the government-owned strategic investment company, offloaded its 51 per cent stake in Petrofac Emirates for an undisclosed amount to Nama Project Services, a local company. Petrofac in turn has bought half of Nama's share, upping its share in the joint venture to 75 per cent.
"Having nurtured and matured the business into a stable and profitable venture, Mubadala Petroleum's interest is now being transferred to the UAE's private sector, in line with Mubadala's strategic objectives and mandate," said Maurizio La Noce, the chief executive of Mubadala Petroleum.
"Mubadala Petroleum will concentrate on its core international E&P (exploration and production) business, and most important UAE gas supply projects.
"In this context, we will continue to support the Abu Dhabi-based Petrofac Emirates business and will look at opportunities to leverage on our existing and strong relationship with Petrofac International to identify mutually beneficial opportunities aligned with our ambitious growth objectives in our core geographies."
The move comes after other efforts to grow a more independent oil and gas sector, starting with the transformation of Mubadala Oil and Gas, a business unit of Mubadala Development, into a company called Mubadala Petroleum last year.
Since 2008 when Mubadala and Petrofac established Petrofac Emirates to serve the local market, the company has grown to employ 700 people. This year it won a series of major contracts, including a US$2.9 billion procurement, construction and commissioning package at the offshore Upper Zakum field and a $500 million engineering and construction contract to expand the onshore Bab field's gas compression facilities. Petrofac shares inched up by four pence to 1,278p in London yesterday.
"The joint venture has created business opportunities and established strong relationships over the last five years, in addition to helping Petrofac to expand our local talent pool by attracting UAE nationals to join our talented team," said Marwan Chedid,Petrofac's chief executive for engineering, construction, operations and maintenance. "Looking forward, we want to build on the success we have achieved to date, including the important projects we have secured in Abu Dhabi this year."
Last week Mubadala also offloaded a 30 per cent stake in an Indonesian concession near Natuna Island to Japan Petroleum Exploration for an undisclosed amount.
Nama Project Services is part of Nama Development Enterprises, a 20-year-old project developer in Abu Dhabi. The sale of Mubadala's stake to Nama is pending regulatory approval.
ayee@thenational.ae
COMPANY%20PROFILE
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Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
THE%20JERSEYS
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
THE%C2%A0SPECS
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Empires%20of%20the%20Steppes%3A%20A%20History%20of%20the%20Nomadic%20Tribes%20Who%20Shaped%20Civilization
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How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
