Business in Brief [Archives:2007/1035/Business & Economy]

March 22 2007

– EU to help Yemen improve business environment

The non-resident Ambassador for the European Union Mr. Patrick Ronald has indicated that the EU is willing to help the Yemeni government further its reforms to build an attractive destination for investment and improve the business in the country.

– Government to regulate retail prices

The Ministry of Trade and Industry is currently working on a draft law which aims at regulating retail pricing through forcing retail outlets to announce a maximum retail price which would be calculated to ensure fair prices for consumers and retailers.

– YLNG: 45 percent complete

The Minister of Oil, Gas and Minerals has indicated that the construction of the US$ 3.7 billion Yemen LNG plant has been progressing rapidly and that 45 percent of the project has been completed. He added that this project will be amongst the largest in the world and that the plant would start exporting liquefied natural gas by 2009.

– Diesel smuggler caught

Authorities in Shabwa governorate have caught a tanker which was on its way to sell 60,000 litres of subsidised diesel to unauthorized parties off the coast of Shabwa. The Shabwa authorities indicated that they have caught nine tankers during the last six months involved in smuggling of diesel.

– NATCO launches new Porsche Cayenne

The National Trading Company has recently launched the brand new 2007 model of the Porsche Cayenne one of the most successful Luxury Sports Utility vehicles ever sold in Yemen.