SANA'A- - Consistent with President Ali Abdullah Saleh’s goal of developing the oil sector, the Yemen Oil Refining Company is about to issue its referential conditions for several ongoing investment projects in this field. The announcement of these conditions, it is hoped, will clarify and facilitate investment in the oil, gas, and mineral industry, in addition to other related activities such as construction, and will serve to increase infrastructure capacity.

Several of the Yemen Oil Refining Company’s investment projects will be announced in the coming month, such as the enlargement and modernization of the Marib Refinery and the increase in output from 10,000 barrels a day to 25,000 bpd, to reach the demand for oil derivatives locally as well as internationally, said Mus’ed al-Sabari, an engineer and the executive manager of the YORC.

Al-Sabari added that many projects in the petro-chemical industry were available for local and international investment, especially with respect to the production of fertilizers. This project aims at generating agricultural fertilizers from raw materials in light petro-chemical derivatives from refineries and natural gas, in order to produce 650,000 tons a year. This would cover all the local agricultural needs, while the surplus could be exported abroad. Moreover, it strengthens the local currency since the government uses foreign currency to import similar goods.

A project seeking enlargement and modernization the Marib Laboratory Refinery will be announced for investment, as well, he said. In other news, the Yemen Oil Company has begun procedures in order to store stocks of strategic oil derivatives, said Abdul-Hafidh al-Alimi, the deputy manager of the company. The company has completed its research concerning the construction of three large tanks in Bajl, Sayoun, and Dhamar, he said. The company is currently seeking funds for the project through extensive coordination with the Ministry of Planning and International Cooperation.

He clarified that the company’s target in the strategic storing operation is to meet the needs of an increasing population in terms of activities, social and economic services. The company’s drive for enlargement and improvement stems from its wish to satisfy oil demand in Yemen for use in transportation (air and land) and energy in the urban and rural areas, he said. The company will construct several gas stations and as well as facilities for providing planes with fuel at Sana’a International Airport in the near future, al-Sabari said.

At the present time, about 120,000 barrels a day are refined at the Aden Refinery, while about 10,000 bpd are refined in Marib. The company is constantly seeking to find enlargement studies, in coordination with the Ministry of Oil and Minerals, for the refining operations in Aden and Marib.
SOURCE: YEMEN OBSERVER