Tuesday, October 12, 2010

BP (NYSE:BP) Share in Sajaa Gas Plant Awarded to Petrofac (OTC:POFCF.PK)

BP (NYSE:BP), which has a 40 percent stake in the Sajaa Gas Plant in the United Arab Emirates, and has operated it for 32 years, will be transferring their stake to Sharjah government in November 2013.

Petrofac (OTC:POFCF.PK) has signed an agreement with the Sharjah government for $250 million, to take over operations and management of the plant from BP for a period of five years.

The deal was made reportedly to ensure a smooth transition of the asset from BP to the government.

Petrofac Ltd. signed the deal with Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Chairman of Sharjah Petroleum Council.

1 comment:

  1. Whats wrong with OBAMA!!!! Lets just give all our resourses to the ARABS!