Yemen, SINPOEC sign new oil deal
Yemen's Ministry of Oil and Minerals and SINPOEC, China's leading oil company, inked on Wednesday two agreements of oil partnership in block # 69 in Shabwa province and Block #71 in Hadramout province at a total invetment of US$36 million for each block in two stages of the agreements.
According to SABA, the agreement was signed by Minister of Oil & Minerals Rashid Ba-Raba'a and SINOPEC Vice President Zhang Yaocang.
Ba-Raba'a said that the two agreements were an outcome of promotions the ministry carried out in China last year. He pointed out to the efforts of the ministry to attract companies to invest in oil sector in the country as the number of the oil blocks increased from 71 blocks in 2003 to 84 blocks in 2004.
He added that the Chinese company has succeeded to gain privilege from 28 other international firms to invest in the two blocks, adding that the signing of the two agreements would open up further avenues of bilateral cooperation between two countries. "Other agreements would be inked with ( K.NO.C), a South Korean company and OMV, an Austrian company."