Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
After just one year at Mubadala Petroleum as its Chief Growth Officer, Musabih al-Ka’bi has been appointed CEO of the state firm. Former CEO Maurizio la Noce will remain with Mubadala, which is primarily focused on overseas upstream, as an advisor. Mr Ka’bi’s speedy rise at Mubadala suggests that the firm will continue to develop synergies with state giant, ADNOC, where he spent the majority of his career.
It remains to be seen how the shakeup will affect company strategy and its project pipeline. Mubadala hopes to gain a foothold in Abu Dhabi upstream by buying a 30% stake in Al Hosn Gas – which is developing the ultra-sour Shah gas field – from Occidental Petroleum (MEES, 29 August). The deal is hardly a shoe-in, given the fact that Oxy’s Middle East asset sale has already cycled through several incarnations; however, if Mubadala picks up a stake in Al Hosn, it will represent the first time Mubadala and ADNOC work together on a project. It also shows that Mubadala is prepared to take the skills it learned abroad and apply them at home. (CONTINUED - 344 WORDS)