New competitionTenders given for oil projects [Archives:2004/735/Front Page]

May 6 2004

By Abdul Qawe Al-Odinee
For the Yemen Times

Minister of Oil and Minerals, Dr. Rasheed Baraba, has distributed tender envelopes to various competing companies, the first competitive measures since the exploration of oil in Yemen began.
It's aimed at granting the opportunity for all international companies to compete in oil investment.
Some 19 companies of 28 international candidates have been qualified to compete to invest at six oil sectors in Hadhramout and Shabwah Governorates.
The minister confirmed that the selecting operation is subjected to economic stipulations, the oil participation production agreement and transparent, transparent and conformed to international standards.
It allows the selection of the best offers.
The Minister said that the tender came following meeting certain conditions such as the embarking of many international companies to invest in the promising six oil sectors.
Eng. Nabil Al-Qawse, Chairman of Oil Exploration and Production Board, pointed out that commercial discoveries of oil during last year in sectors 51 and Dams S1 increase the oil sectors to nine sectors.
He confirmed that support and assistance are provided to interested companies and that the tender's measures are conducted in accordance with normally followed procedures in such cases. He indicated that the last day to submit tenders is May 23, 2004.
He expressed his hope that the qualified companies would abide by their committed conditions and to enter direct negotiations toward the partnership and production of oil agreement following the informing of each company of the scheduled date for that.