Mubadala Oil and Gas and the Yemen Company for Investments in Oil and Minerals (YICOM) have signed an agreement to co-operate on oil and gas exploration and production in Yemen.
The two state-owned companies signed the agreement yesterday in Sana'a, the capital of Yemen, in the presence of Amir al Aydarus, the country's oil and minerals minister. It covers information sharing and a plan to assess potential joint projects including the redevelopment and expansion of Yemeni fields plagued by declining oil and gas output.
"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 Suhail al Mazrouei, the deputy chief executive of Mubadala Oil and Gas.
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