First Gulf Bank (FGB), one of the UAE’s leading financial institutions, has provided the performance bond facility to Petrofac’s Sharjah based Engineering & Construction Business, for a US$ 2.4 billion contract awarded by Abu Dhabi Company for Onshore Operations (ADCO).
The project contract is one of the largest projects ever awarded in the Middle East to an engineering, procurement, and construction (EPC) contractor, and the facility is a testimony on the major role FGB plays in supporting infrastructure and oil & gas related projects in the UAE.
ADCO, part of the Abu Dhabi National Oil Company (ADNOC) group, is undertaking the development of the Sahil, ASAB and Shah oil fields to increase oil production and to provide facilities to cater for the fields’ operations until 2040. The three developments are expected to be commissioned by 2012.
“FGB is one of the region’s leading financial institutions and has an impeccable track record in the oil & gas industry. We are pleased to be associated with this project and to be a part of the growth opportunities of the Capital. This is yet another milestone that reflects FGB’s role in supporting the economy as well as its strong relations with leading local and international companies.” said André Sayegh, Chief Executive Officer of FGB.
“We constantly strive to broaden our portfolio by introducing new innovative services. FGB has a remarkable understanding of the complexities of the oil and gas industry based on years of experience in the market. Our strength in providing efficient services provides convenience to multinationals doing business in the UAE and the Middle East region,” added Sayegh.
Petrofac’s Engineering & Construction Business is part of the Petrofac Group, providing services to the oil & gas industry to develop, maintain and manage oil facilities across the region. Petrofac is ranked at number 29 out of the top 225 international contracting companies in the world and is listed on the London Stock Exchange.
“Petrofac has a very successful track record of providing support activities for oil & gas field exploration in the region, many of which FGB has participated in. We are very pleased to have been selected to support Petrofac for this project” Sayegh said.
“This is in line with the Bank's priorities which stress the importance of infrastructure and natural resources development as a catalyst for sustainable economic growth,” added Sayegh.
“We are delighted to work with FGB and grateful for the support they have provided for us to meet our commitment of completing the project successfully on time,” said Vivek Prakash, Executive Vice President of Finance, Petrofac’s Sharjah based Engineering & Construction Business.
“Our visionary leadership, financial strength and leading market position are key to our continued success story." concluded Sayegh.
