By IANS/WAM,
Sharjah: Multinational oil services firm Petrofac has signed a $250 million deal with the Sharjah government to take over the operational responsibility and management of BP’s 40 percent share in the Sajaa Gas Plant in the United Arab Emirates.
The agreement was signed between Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Chairman of Sharjah Petroleum Council, and Petrofac Ltd.
Petrofac will take over operational responsibility and facilities management of the Sajaa Gas Plant and related assets for five years.
The government of Sharjah owns 60 percent of the plant, while the remaining 40 percent is owned by BP, which has been operating the gas plant for 32 years. According to the agreement, Petrofac will take over all the BP-operated facilities due to be transferred to the Sharjah government in November 2013.