Business In Brief [Archives:2006/1007/Business & Economy]

December 14 2006

Pakistan to aid in Yemen's Development

The Prime Minister of Pakistan, Shaukat Aziz, has indicated that Pakistan will assist Yemen in all reforms and development by offering investment, increasing trade and helping it reform all sections of economy such as the banking sector. He indicated that while meeting with the prime minister and other ministers during his recent visit to Yemen.

Eight Oil Blocks Awarded to five Foreign Exploration Firms

Five international oil exploration companies, including two Asian companies, have won concession rights to explore eight on-shore blocks in various parts of the country in the third round of international oil licensing. Austria's OMV won block 29 in Al-Mahara; Norway's DNO won block 84 in Hadhramout; and UK's Burren Energy won block 17 near Aden governorate. While Indonesia's PT Medco Energi International won Blocks 82 and 83 in Hadhramout and India's GSPC won block 19 in AL-Jawf as well as blocks 28 and 57 in Shabwa governorate.

Ministry of Finance to computerize government accounting

Preparations to adopt computerized accounting for the financial year starting in January 2007 are at their peak. The computerized accounting system will be implemented in all government agencies and affiliated government bodies and will ensure timely monitoring of financial transactions by government agencies. Sources at the Ministry of Finance have indicated that a strict mass-training program was launched last year to ensure that employees have the capacity to use the new system and ensure the success of the project.

Nexen predicts a drop in Oil production

Canadian Nexen is expecting a drop in oil prodction of 30,000 barrels a day in 2007, as the currently producing well are expected to dry up while previous forecasts of other explorations seemed to be over-optimistic. On the other hand, Minister of Oil Khalid Bahah has indicated that several exploratory operations are on the way, such as the recent discovery by Australia's Oil Search Ltd in the north of block 49 and Safer's discovery in block 18, maintaining that Yemen's oil production would not experience a sharp decline.

President Saleh visits Arabian Steel Company in Aden

President Ali Abdullah Saleh visited the Arabian Iron and Steel Company located in the Aden Free Zone, which is an investment valued at US $35 million and will start operation in January, with an estimated produce of 200 tons of steel in order to meet the increasing demand for steel products, especially in the constructions industry.

Yemenia to introduce E-ticketing

Yemenia Yemen Airways have announced that it plans to introduce the E-ticketing by Janurary 2008 as a part of its “turnaround strategy,” in order to reestablish its ties with international carriers using this system. It has also that it is studying three offers from several airline manufactures to buy 3-6 airlines to be used for Yemenia's domestic airline, which would be launched towards the end of 2007.