Reviewing portfolio
Mubadala manages about US$125bn in assets after the merger this year of two state investment companies with holdings from aerospace to energy to infrastructure. The governmentowned investment vehicle is reviewing its portfolio as a step toward the possible sale of some businesses or holdings, people familiar with the matter said earlier this month.
The company is now producing about 500,000 barrels of crude a day, with major projects in Southeast Asia and North America, Kaabi said. “We believe in the energy landscape in the US,” he said.
Mubadala Petroleum is looking to expand operations in Thailand, UAE Energy Minister Suhail al Mazrouei said on November 2. The company also owns an enhanced oil recovery project in Oman, according to its website.
Abu Dhabi, capital of the United Arab Emirates, an OPEC state, holds about six per cent of the world’s proven oil reserves. Mubadala - the world’s 14thlargest fund, according to the Sovereign Wealth Fund Institute - is part of Abu Dhabi’s effort to turn oil revenue into profitable investments while also attracting technology and jobs. It completed a merger with Abu Dhabi’s International Petroleum Investment Co earlier this year.
Kaabi is responsible for Mubadala’s petroleum and petrochemicals businesses, including Mubadala Petroleum, owner of the Dolphin Gas pipeline. The pipeline is used to send natural gas from Qatar to the United Arab Emirates, which depends on imported gas to generate half of its electricity. Qatar is the world’s largest exporter of liquefied natural gas.