The United Arab Emirates (UAE) aims to invest in Yemen's energy sector under a declaration of principles signed here Wednesday with the Yemeni oil ministry.
Yemeni Deputy Oil Minister Rasheed Ba-Rabaa and Mohammad Saif al-Mazruwi, chief executive officer of state-run UAE Offsets Group (UOG), signed the agreement "to promote and facilitate the development of long-term economic ties," the UOG said.
"Our country offers a wide range of opportunities, which could lead to the establishment of joint ventures" with the Emirates, said Yemeni Oil Minister Mohammad al-Wajih.
Mazruwi said the objective was "to create investment opportunities for both the government and the private sector of the UAE in Yemen and create value-added joint ventures."
The UOG oversees economic growth under an offset programme that requires foreign arms suppliers to pump investments back into the UAE.
Yemen plans to sign prospecting accords with foreign oil companies aimed at doubling production to one million barrels per day within five years and boosting reserves, Wajih said in a newspaper interview published on Tuesday.
He estimated Yemen's oil reserves at 5.7 billion barrels.
Drawing on proven gas reserves of 10.2 trillion cubic feet (30 billion cubic metres), Yemen, one of the world's poorest nations, also plans to launch exports of liquefied natural gas.—AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com )