Mubadala Petroleum 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 Somali petroleum sector.

In this context, Mubadala Petroleum has now signed a cooperation agreement with Daud Mohamed Omar on behalf of the Ministry of Petroleum and Mineral Resources 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.” - TradeArabia News Service