FGB's bond facility for Petrofac unit

First Gulf Bank (FGB), one of the largest equity-based banks in the UAE, yesterday announced it is providing a performance bond facility to a Sharjah-based company for a Dh8.8 billion petroleum project in Abu Dhabi.

The facility has been given to Petrofac's engineering and construction business, part of Petrofac Group, to cover a contract awarded by the Abu Dhabi Company for Onshore Operations (Adco), part of the Abu Dhabi National Oil Company (Adnoc).

The contract is one of the largest awarded in the Middle East to an engineering, procurement and construction (EPC) contractor. However, neither side has revealed the value of the facility.