Mubadala unit to form JVs across Gulf states
Abu Dhabi, November 1, 2010
PSN Emirates, a unit of Abu Dhabi investment fund Mubadala, plans to set up joint ventures across all the Gulf states by the first-quarter of 2011 as it targets projects worth $1.7 billion, its CEO said on Monday.
PSN Emirates is a provider of operations and maintenance contracting services to the oil and gas industry.
David Clark said the joint ventures in Saudi Arabia, Kuwait and Oman are in advanced stages, likely to be operational early next year.
The firm was set up three years ago and is 51-percent owned by Mubadala Development Co and the remaining stake is held by Production Service Network (PSN), which operates globally.
It has a 50:50 joint venture in Qatar and a fully-owned venture in Bahrain.
"The market potential is huge in the Gulf. We are actively bidding in these markets and would like to have an on-the-ground presence," Clark told Reuters on the sidelines of an industry event.
The company is currently executing projects in most Gulf markets, he said, but declined to give details of these contracts' value. PSN is executing projects worth $3.1 billion worldwide currently, he said. It is also eyeing projects in Iraq and Yemen, he said. - Reuters