Reliance Industries (RIL) sold its 25% stake in the Malik oil block 9 in Yemen to Indonesia's PT Medco Energi, according to reports.
Medco reportedly said that its wholly owned subsidiary of Medco Yemen Malik Limited had, last month, signed an agreement with RILs Dubai-based subsidiary, Reliance Exploration & Production, which would give economic control of the stake from 1 January 2012.
The stake sale follows Mukesh Ambani—run firm exiting from two oil blocks in Kurdistan region of Iraq on July 19, says report.
There are reports that RIL had in 2001 won Yemen’s Block 9 along with Hood Energy and Calvalley Petroleum Inc.