Mubadala Development Company, a wholly-owned investment and development vehicle of the Government of Abu Dhabi, and Shell EP International Ltd yesterday signed a Memorandum of Understanding (MoU) to develop new hydrocarbon resources in the Middle East and North Africa (Mena).

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General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, looks on as Khaldoon Khalifa Al Mubarak, CEO of Mubadala, and Malcolm Brinded, executive director of Shell Exploration and Production sign the agreement.

General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, attended the signing ceremony held at his palace in Abu Dhabi.

The MoU provides the general framework upon which Mubadala and Shell will focus on development of new and existing hydrocarbon resources.

Areas of cooperation are likely to include the research and development of economically viable and environmentally acceptable energy solutions.

The agreement was signed by Khaldoon Khalifa Al Mubarak, CEO of Mubadala Development, and Malcolm Brinded, executive director of Shell Exploration and Production.

Al Mubarak said: "The signing of the MoU 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 Mena, and elsewhere."

Brinded said: "We look forward to working closely with Mubadala. The Mena 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.

Shell's involvement in Abu Dhabi goes back to 1939 as a shareholder in the Petroleum Development (Trucial Coast) Ltd. Shell is a partner with Adnoc in oil production and gas processing in Abu Dhabi.

Mubadala Development is a Public Joint Stock company, established and wholly owned by the government of Abu Dhabi with a mission to invest in commercially-viable, strategic, industrial and commercial partnerships.

The company's portfolio of international investments includes a stake in nine oil exploration blocks in Libya and a 25 per cent stake in the Dutch fleet management giant LeasePlan Corporation, while its local and regional investments include a 51 per cent majority stake in Dolphin Energy and shares in many other companies, such as Aldar Properties, National Central Cooling Company, Abu Dhabi Ship Building, Imperial College London Diabetes centre in Abu Dhabi, and Tanqia.