Yemen Company for Investment in Oil and Minerals (YICOM) and the UAE's Mubadala Development Co. signed here on Sunday a memorandum of understanding (MoU) for cooperation in the field of oil and gas exploration ,production and industry in Yemen.

The MoU includes the exchange of technical information between the two companies and cooperation to assess opportunities to work together in new investments and re-development of oil and gas fields and other projects in the areas of oil and gas in Yemen.The memorandum was signed by Executive General Manager of YICOM Ali al-Qadi and Deputy Executive Chief of Oil and Gas Unit in Mubadala Co. Suhail al-Mazroui, with presence of Minister of Oil and Minerals Amir al-Aydaros and the UAE's ambassador to Yemen Abdullah al-Mazroui.Following the signing, al-Aydaros pointed that the MoU would achieve a kind of cooperation and access to various investment opportunities not only in oil exploration and production, but also in all investment opportunities in oil and mineral industry in general in Yemen.He considered the entry of Mubadala Company in the oil industry in Yemen is an indication of the promising investment environment in the oil, gas and mineral sectors in Yemen.The expansion in oil and gas exploration and production operations is among the government's ten priorities, al-Aydaros noted.For his part, the Mubadala Compnay's official said that the MoU comes within the cooperation relations between the two sides and the keenness of the Ministry to attract investments, especially with Mubadala Company that has a large activity in the oil investments in over ten countries of the world."We look forward to build a strong relationship and enhance cooperation with the Yemeni company", he said..