First Gulf Bank (FGB) has announced that it has provided the performance bond facility to Petrofac’s Engineering and Construction division in relation to the US$2.4 billion contract the company was recently awarded by Abu Dhabi Company for Onshore Operations (ADCO).
The Sharjah-based company set up the US$115 million facility with FGB on a bilateral basis.
The ADCO contracts sees Petrofac providing engineering, procurement and construction work on the development of the the Sahil, ASAB and Shah oil fields. Work is set to be completed by 2012.
“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,” André Sayegh ,CEO of FGB said.
“Our strength in providing efficient services provides convenience to multinationals doing business in the UAE and the Middle East region,” he added.
The work being carried out by Petrofac for ADCO onshore oilfields, as subsidiary of the Abu Dhabi National Oil Company (ADNOC), will increase oil production and provide facilities to cater for the fields’ operations until 2040.
