Aden oil refinery will not be privatized

Published July 3rd, 2001 - 02:00 GMT

The Yemeni government recently retreated from its previous decision to privatize the Aden oil refinery and include a strategic investor in its modernization efforts, according to Al-Hayat daily.  

 

This move comes despite recommendations by the World Bank, which had provided the country with a loan to aid in the privatization process.  

 

Prime Minister Abdul-Qader Bajamal, who chairs the Yemeni Privatization Higher Committee, decided instead to develop and modernize the refinery independently, in order to sustain its operations in consistency with global economic shifts.  

 

The committee is expected to prepare a study determining the refinery’s present equipment needs and costs in the near future. Yemen’s Parliament had criticized the previous decision to privatize the refinery, urging the government to freeze a loan from the World Bank intended for this purpose. –(MENA Report)  

 

© 2001 Mena Report (www.menareport.com)


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