RIL's Dubai-based subsidiary Reliance Exploration & Production DMCC "signed the completion documents for divestment of 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 firm had announced the sale of its stake in the oil producing block in August.
The stake sale followed RIL exiting from two oil blocks in Kurdistan region of Iraq on July 19.
RIL had in 2001 won Yemen's Block 9 along with Hood Energy and Calvalley Petroleum Inc. RIL and Hood Energy held 25 per cent stake each while Calvalley had the remaining 50 per cent.
RIL said the sale agreement with Medco would be effective from January 1.
While the agreement is for a 25 per cent interest, Medco would effectively have a 21.25 per cent participating interest in the block because, under a regulation in Yemen, the contractor of a production-sharing agreement has to accommodate a working interest for the country, which is represented by the Yemen Oil and Gas Company, which will hold a 15
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