UAE's Offsets Group Signs Oil Investment Accord with Yemen
The UAE Offsets Group (UOG) and Yemen's ministry of oil and mineral resources signed Wednesday a "Declaration of Principles" to facilitate investment in Yemen's oil and gas and other sectors, reported the Gulf News daily.
UOG's CEO, Mohammed Saif Al Mazroui, and Yemen's deputy minister for oil and mineral resources, Rasheed Ba-Raba'a, signed the declaration on the sidelines of a two-day conference on "Investment opportunities in Yemen's oil and mineral resources sectors," said the daily.
"We see potential for some good initiatives in Yemen's energy sector. Our objective is to create investment opportunities for both the government and the private sector of the UAE in Yemen and create value-added joint ventures," Mazroui said.
"UOG's role is that of a catalyst to get the UAE's private sector to invest in Yemen," he added.
The oil ministries of Yemen and the UAE already have two agreements in place, said the daily.
Yemen has an estimated 5.7 billion barrels of proven oil and 17 trillion cubic feet of gas. Its current oil output is 450,000 barrel per day -- Albawaba.com
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