Economy News [Archives:2002/04/Business & Economy]

January 21 2002

Expected Rise in Yemen Oil Production
Oil sources expected a rise in Yemen oil production during 2002 to 500 thousand barrel a day by an increase of 75 thousand barrel of the average local production. Yemen oil revenues will amount to US$ 1.9 billion, according to the same sources. However, reports by the World Bank indicated that Yemen production of oil will drop by 40% in 2010 from the current production average which will lead to a severe decline in oil revenues.
Half US$ Billion Road Project
Yemen Public Works Ministry invited international firms for conducting technical studies for a major road construction project to link Amran in the north of Sana’a to Aden at a total distance of 500 km and at the cost of half USD billion. The road project is to be jointly implemented by Yemen and Saudi Arabia.
Trade Exchange between Yemen and Gulf Countries Increased
The volume of trade exchange between Yemen and Gulf countries totaled YR 140,287,000 at the average of 34.78% of the total trade exchange of Yemen in 2000. The overall cost of what Yemen has imported from that countries amounted to YR 124,507,000; while, Yemen’s exports to that Gulf states totaled YR 175,570,000 within the same year.
Statistics of the first half of the year 2001 indicated the rise in the amount of trade exchange between Yemen and the Arab Gulf countries, which exceeded YR 42 billion in favor of the Gulf countries.