Almotamar,net - Sources at the Yemeni embassy in Cairo said the Yemeni Company for Oil Refining signed Wednesday a memorandum of understanding with the Arab Investment for Economic Development Company, one of the companies of Arab women Investors Federation on modernisation and expansion of Ma'reb oil refinery.

The sources told almotamar.net the agreement includes a project of improving oil products and increase of production in Ma'reb Oil Refinery according standard world specifications costing $100 million.

Chairperson of Arab Women Investors Federation Dr Huda Jalal Yessy said in statement after signing the agreement the understanding memorandum is one of the fruits of the federation participation in the conference of investment opportunities in Yemen and the meeting with president Ali Abdullah Saleh where he stressed the importance of supporting the Arab joint action and re-attraction of Arab capitals to the Arab region.