Reliance Exploration & Production DMCC, the Dubai-based subsidiary of Reliance Industries Ltd. (RIL), has divested its stake in an oil block in Yemen to Medco Energi of Indonesia.
According to industry sources, the stake was divested for about $90 million.
RIL in a statement on Wednesday said that the transaction to sell its 25 per cent stake had been completed. With this, Reliance has exited this project.
Reliance Exploration & Production DMCC signed the completion documents for divestment its 25 per cent 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,” the company said in a statement.
“The effective economic date of the transaction is January, 1, 2012, and the transaction has been approved by the Ministry of Oil and Minerals of Yemen,” the statement added.
In August, the company had announced its decision to sell its stake in the oil-producing block. Previously, RIL had exited two oil blocks in Iraq.
