ADQ, Abu Dhabi-based state owned company, has reportedly ownership of NPCC (National Petroleum Construction Company), one of the largest energy sector companies in UAE, after acquiring 30% shares earlier held by Consolidated Contractors company. Headquartered in Abu Dhabi, NPCC is an EPC (engineering, procurement, and construction) firm involved in numerous oil and gas projects in South Asia, the Arabian Gulf, and South East Asia. The company is also planning to expand its footprints in Africa as well as the Caspian region. Speaking on which, Mohamed Hassan Al Suwaidi, Chief Executive at ADQ stated that the company comprises Abu Dhabi’s some of the most ambitious and successful enterprises, and it is looking forward to work closely with NPCC to further develop a portfolio of world-class companies that can add value to the economy. He further added that NPCC can add significant value to UAE’s oil and gas sector, increase the reputation of Abu Dhabi as a growing global hub for EPC operations in the energy sector along with contributing to the overall economic growth of the nation. Khalifa Sultan AlSuwaidi, chairman of NPCC and Chief Investment Officer at ADQ, has been quoted to state that with the help of ADQ’s guidance, NPCC would continue to focus on EPC services that aid the nation’s oil and gas infrastructure. The company would also seek to strengthen international footprints in major markets like Bahrain, Kuwait, Saudi Arabia, and Egypt, etc., AlSuwaidi added. For the record, till March 2019, NPCC had executed over 1,216 EPC projects and has a team of more than 1200 engineers, based in four engineering centers in Abu Dhabi, Hyderabad and Mumbai in India, and La Ciotat in France. It had also inked an agreement with two Chinese companies last year to explore offshore and onshore oil and gas deals, cooperate on potential areas of interest. Source credit -Â https://www.thenational.ae/business/abu-dhabi-s-adq-buys-out-minority-partner-in-contractor-npcc-1.1012659
