RIL sells 25% stake in Yemen oil for $90 mn

Reliance Industries on Wednesday said it has completed sale of its 25 % stake in an oil block in Yemen to Indonesia’s Medco Energi for $90 million. HT reports.

Reliance Industries on Wednesday said it has completed sale of its 25 % stake in an oil block in Yemen to Indonesia’s Medco Energi for $90 million.

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RIL’s Dubai-based subsidiary Reliance Exploration & Production DMCC “signed the completion documents for divestment of its 25% working interest in the Yemen’s Block-9 to Medco Yemen Malik Ltd, a wholly-owned subsidiary of PT Medco Energi Internasional Tbk of Indonesia,” RIL said.

The company had announced the sale of the stake in August which followed RIL exiting from two oil blocks in Kurdistan region of Iraq on July 19.

RIL had in 2001 won Yemen’s Block 9 in the Arab Peninsular nation along with Hood Energy and Calvalley Petroleum Inc.