New oil refinery on the way [Archives:2003/661/Local News]

August 21 2003

SANA'A, August 20 – Preparations to establish a new oil refinery in Mukalla City on the Arab Sea Coast South of Yemen have started. Yemeni authorities estimated the cost for its construction at USD 450 million.
It is expected that the new refinery is to start its production at the capacity of 50,000 barrels a day in 2006.
The new oil refinery will be built and managed by the Hadhramout Oil Refineries. A number of Saudi, Yemen and UAE investors are to finance this project.
Meanwhile, a 10-year agreement related to marketing for Yemeni oil were signed in Sana'a on August 18 between the Hadhramout Oil Refineries and the Korean Oil Company, Samsung .
The al-Ayyam newspaper said that the agreement was signed in London amid presence of the Yemeni Prime Minister, Dr. Abdulkaqder Bajammal.
“The Yemeni government has shown great interest in supporting such significant investment projects. Such investments will also strengthen the cooperation aspects between Yemen, the Yemeni private sector, the Kingdom of Saudi Arab, the United Arab Emirates, Korea, and the USA,” the Prime Minister said.