Business In Brief [Archives:2006/1011/Business & Economy]

December 28 2006

– President approves new anti-corruption legislation

President Ali Abdullah Saleh has approved a new piece of legislation to establish an independent high-level anti-corruption organization with supreme authority and responsibility to combat corruption on par with existing laws in that regard.

– Presidential decrees enhance cooperation with Egypt

President Ali Abdullah Saleh has approved presidential decree No. 189 for 2006 regarding cooperating with Egypt in several economic and social sectors, including transportation, energy, media, sports and youth. Yemeni-Egyptian cooperation has a substantial history, especially during the second half of the 20th century.

– Oil exports increase to $3.7 billion in 2006

Crude oil exports by the Yemeni government hit $3.74 billion during January-November 2006, compared to $2.8 billion for the same period in 2005. The increased revenue is due to increased global oil prices, which averaged $63.5 per barrel in 2006, compared to $51.1 per barrel in 2005.

– Central Bank foreign assets increase 0.71% in November

The Central Bank of Yemen has indicated that its foreign assets amounted to YR 1.65 trillion by the end of November, compared to YR 1.64 trillion at the end of October, for a net increase of YR 11.6 trillion [that can't be right, as Oct. was 1.64 trillion and Nov. was 1.65 trillion, so that's only a difference of .01 trillion] during November.

– Kuwait Energy to assess Block 18 gas reserves

Safer Exploration and Production Operations Company has contracted Kuwait Energy Company to conduct a study and assess the feasibility of exploring and producing gas in sector A of Block 18 located in Marib governorate. Safer is Yemen's first oil company to conduct oil exploration and production activities. It plans to enlarge the span of its operations in Marib.