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Petrofac and First Reserve sign energy infrastructure agreement for US$1.25 billion
Petrofac, the international service provider to the oil and gas industry, has entered into a Framework Agreement (the ‘Agreement’) with First Reserve, the global energy-focused infrastructure investment firm, to create PetroFirst Infrastructure Partners. The new venture intends to deploy capital both in purchasing a number of existing assets from Petrofac’s Integrated Energy Services (IES) division (commencing with the first transaction as described below), as well as in new energy infrastructure projects that utilise Petrofac’s development capability.