Business in Brief [Archives:2008/1123/Business & Economy]
– Total to double Natural Gas production in Yemen
The newly-appointed General Manager for Total in Yemen states that the French company is planning to double its production from natural gas from block 71 in Hadhramout. He also added that the company plans on constructing a power plant to be powered with natural gas, in order to provide the people of Hadhramout with ample supply of affordable certificate.
– Sana'a Airport construction falling behind schedule
The committee to monitor the construction of the new Sana'a International Airport has stated that the pace of construction is falling behind schedule. In its meeting with he minister of transportation, the minister compelled the construction company working on the project to resubmit a revised timeline of construction, in order to ensure that the construction is completed on time as initially scheduled. The new airport will cost over US$ 500 million.
– Korean Oil company to invest in Yemen
The Ministry of Oil, Minerals, and Natural resources is currently holding talks with Korea National Oil Corporations, in order to allow the company to invest in oil exploration activities in blocks 16 and 70 in Al-Mahara governorate.
– Yemenia transports over 1.3 million passengers in 2007
A public statement made by Yemenia Yemen Airways stated that over 1.3 million passengers were transported during 2007, with an increase of 8 percent compared to 2006. The statement also indicated that operation hours were decreased by 28 percent in order to cut back on the operating costs.
– Remittance to Yemen exceed US$ 10 billion
A World Bank report stated that remittance from Yemeni workers abroad back to Yemen during the period 2000 – 2007 has exceeded US$ 10 billion, while the remittance from foreign workers in Yemen to abroad reached US$ 587 million during the same period.
– WTO to facilitate Yemen's accession
Director of the WTO Pascal Lamy promised Yemen's ambassador to the U.N that the WTO will facilitate Yemen's accession to the organization as a less developed country. Lamy also stated that regional economic integration will help Yemen's economy develop further.
– Saudi Investments fall in 2007
The General Investment Authority has stated that Saudi investments in Yemen have fallen to 12 billion Riyals, in 2007, compared to 166 billion Riyals in 2006. However, the overall number of Saudi projects in 2006 was 10 projects, compared to 17 projects in 2007.
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