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Mubadala Development and Shell Sign MOU

Shell LogoHH General Sheikh Mohammed bin Zayed Al Nahyan has signed a Memorandum of Understanding between Mubadala Development Company, a wholly-owned investment and development vehicle of the Government of the Emirate of Abu Dhabi, and Shell EP International Ltd, which is intended to lead to the formation of a strategic alliance.

The MOU provides the general framework upon which Mubadala Development and Shell will form the alliance, which is expected initially to focus on the Middle East and North Africa, outside Abu Dhabi. Areas of cooperation are likely to include the economic development of new and existing hydrocarbon resources, and the research and development of economically viable and environmentally acceptable energy solutions.

The agreement was signed by His Excellency Khaldoon Khalifa Al Mubarak, Chief Executive Officer, Mubadala Development, and Malcolm Brinded, Executive Director of Shell Exploration & Production.

HE Khaldoon Khalifa Al Mubarak said today: "The signing of the Memorandum of Understanding with Shell is in line with our objective to partner with the best in the business and build a substantial oil and gas portfolio in the region and internationally. Mubadala looks forward to developing many exciting business opportunities with Shell in the Middle East and North Africa, and elsewhere."

Mr Brinded said: "We look forward to working closely with Mubadala. The Middle East and North Africa are important regions for Shell and they are regions in which we are expanding. With Mubadala's strong regional relationships and our technical and operational expertise, we will now have even more to offer resource-holding countries."

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Posted 20/06/05


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