Mubadala Oil & Gas and Yemen Company for Investments in Oil and Minerals (YICOM) announced that they have signed a Memorandum of Understanding (MOU) on cooperation in the exploration and production sector of the oil and gas industry in Yemen.
The MOU provides for an exchange of technical information between the two companies and co-operation to assess opportunities to work together on new investments, field redevelopment and expansion projects and other oil and gas operations in Yemen.
The MOU was signed by Ali Saleh Al- Kadi, executive general manager, Yemen Company for Investments in Oil and Minerals and Suhail Al Mazrouei, deputy chief executive officer, Mubadala Oil & Gas. It was witnessed by HE Amir al-Aydarus, Minister of Oil and Minerals of the Republic of Yemen and HE Abdullah Matar Al-Mazroui, UAE Ambassador to Yemen.
“The UAE and Yemen have strong and long-standing links and we look forward to building on these in our new relationship with YICOM. The Yemeni government has created an attractive investment environment in the upstream sector and we believe Mubadala can use its ability to act as a powerful catalyst, working with YICOM, to open up new oil and gas opportunities in Yemen,” said Al Mazrouei.
