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Petrofac completes sale of Abu Dhabi business unit

1 June 2026

UK-headquartered Petrofac has completed the sale of Petrofac Emirates, a business unit it established in Abu Dhabi in 2008.

The unit has been bought by a consortium of financial investors led by the New York-headquartered hedge fund Mason Capital Management and UK-based asset management firm Pearlstone Alternative.

In a statement, Petrofac said the sale was completed after the satisfaction of all required conditions and approvals.

The business unit was originally founded with a strategy to provide engineering, design, procurement and construction services for oil, gas, refining, petrochemical and renewable energy projects.

Petrofac Emirates has engineering and construction (E&C) capability and includes E&C teams based in the UAE and India.

In its latest statement, Petrofac said: “Petrofac Emirates encompasses Petrofac’s core E&C capability in the UAE.

“The transaction positions Petrofac Emirates as a strong, self-sustaining company with no funded debt on its balance sheet and substantial growth opportunities.”

Leadership role

Under current plans, Tareq Kawash, who has been the group chief executive of Petrofac since April 2023, will become the chief executive of Petrofac Emirates to lead the E&C business through its next phase under new ownership.

Kawash has over 30 years of international leadership experience at engineering procurement and construction (EPC) companies.

Prior to working at Petrofac, he was a senior vice-president at McDermott International.

Following the completion of the sale, Afonso Reis e Sousa will step down as group chief financial officer of Petrofac.

Commenting on the sale of Petrofac Emirates, Kawash said: “The completion of this transaction marks an important milestone for Petrofac Emirates and the beginning of an important new chapter for the business.

“Under our new ownership structure, with a focused platform for growth, we are well-positioned to build on our track record, strengthen our long-standing customer relationships and pursue new opportunities across the wider Mena region.

“The transaction is not the destination; it is the platform from which we move forward with confidence, discipline and ambition.”

Sam Read, a partner at Mason, said: “Our mission is to empower Petrofac Emirates to achieve its strategic goals, capitalise on new market opportunities, and leverage significant growth potential in the dynamic energy EPC sector.

“Petrofac Emirates has market-leading capabilities and an unmatched track record of delivering for its customers, and we look forward to partnering with the company to help drive continued success.”

The sale of Petrofac Emirates follows the completion of the sale of Petrofac Asset Solutions in April.

In December, it was announced that US-based CB&I had entered into a sale agreement to buy the unit.

Petrofac’s asset solutions unit provides operations, maintenance and decommissioning services for onshore and offshore energy assets.

In a statement, CB&I said that the acquisition would strengthen its portfolio with “a complementary reimbursable contracting model business, delivering predictable cash flow and enhancing service capabilities”.

Restructuring disruption

Amid Petrofac’s dramatic restructuring, there has been disruption to progress at some of the company’s projects.

In March, MEED reported that Petrofac, along with its partner China Huanqiu Contracting & Engineering Corporation (HQCEC), had stopped work on a petrochemicals project in Algeria, valued at approximately $1.5bn.

The news about the Algeria project came just over two weeks after MEED reported that Petrofac had also stopped work on an oil project in Libya and cut staff in the North African country.

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Wil Crisp

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