No fears regarding Yemeni oil sector, official sources [Archives:2003/632/Business & Economy]

April 21 2003

Oil sources said the oil sector in Yemen had not been affected by the war on Iraq and no changes had occurred concerning the attitude of oil companies working in Yemen. The sources added that oil exploration operations and production and marketing are operating in accordance with plans agreements and programs signed between the ministry of oil and oil companies working in Yemen. They made it clear that the oil ministry succeeded during the past two years in building a number of oil and minerals projects. It has also managed in areas of digging, production, manufacturing, professional modernization and information and technology at a cost exceeding YR 612 billion.
According to the same sources the present year would witness big expansion in oil, liquefied gas and minerals sector, in addition to emergence of new indicators that can form a better reality for investors. The sources also expect that in the year 2003 there would be the implementation of about 70 oil strategic projects as part of the current year's investment program.
The ministry of oil is presently exerting encouraging efforts for investment in oil projects and improvement and development of oil agreements and participation in production. The present year will also see implementation of other projects at a cost reaching YR 15 billion. There are also 26 projects under construction and other 15 projects distributed among all units of the ministry of oil and mineral wealth.