Thursday 30 April 2009

Mubadala appoints former BP executive

Mubadala, a state investment vehicle of Abu Dhabi, on Wednesday said it had appointed a former BP executive to its oil and gas division in a sign of the company’s growing ambitions in the sector.

Steve Peacock, who was BP president Middle East and South Asia, takes over as chief operating officer for Mubadala Oil and Gas, with the company seeking to become a ”globally competitive oil and gas exploration and production company.”

Mubadala is wholly owned by the Abu Dhabi government and has been one of the oil-rich emirate’s more active investment vehicles, with a portfolio that straddles an increasingly broad range of sectors, from finance to aerospace and real estate.

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