Publication Date:
Sun, 2010-12-12 22:25
Abu
Dhabi’s Mubadala Development Company and the Yemen Company for Investments in
Oil and Minerals said Sunday they signed a memorandum of understanding to share
technical information and possibly cooperate on oil production projects.
The
companies will consider both new investments and retooling or expanding
existing production sites.
Financial
terms were not disclosed.
Yemen
relies heavily on oil revenues to pay for government services. The World Bank
and others estimate its wells could run dry as early as 2017 unless new
reserves are found.
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