Mubadala Petroleum signs cooperation agreement with Somalia
The agreement is aimed at sharing knowledge, capacity building and developing upstream opportunities in Somalia.
Mubadala Petroleum, the oil and gas exploration and production subsidiary of Mubadala Development Company and 100% owned by the Government of Abu Dhabi, has signed a cooperation agreement with the Ministry of Petroleum and Mineral Resources of the Federal Republic of Somalia.
During the first half of 2014, a high level engagement took place between the UAE and the Federal Government of the Republic of Somalia and its territories to consider ways in which they might work together to further the development of the country’s petroleum sector. In this context, Mubadala Petroleum has now signed a Cooperation Agreement with HE Daud Mohamed Omar representing the Ministry of Petroleum and Mineral Resources. The agreement is aimed at sharing knowledge, increasing the strength of the Somalia Ministry and its staff, and, over time, developing upstream opportunities in Somalia.
Musabbeh Al Kaabi, Chief Growth Officer, Mubadala Petroleum, said: “This strategic agreement will draw upon the great experience of Abu Dhabi in developing a world-class environment for investment in the petroleum sector and enable Mubadala Petroleum to begin a long term relationship with the Ministry to support its upstream sector.”
Mubadala’s primary geographic focus is on the Middle East, Africa and Central and Southeast Asia.
