The Yemeni Al-Kuthairy Investment Group has announced that an initial agreement was signed with Saudi businessmen to join an oil refinery project in Makla region in eastern Yemen.
According to Al-Hayat newspaper, the Director General of the Group, Ahmed Sheikh, said that the share of the Saudi investors in this project will be determined within a few months, following the completion of the required evaluations.
A Chinese company will soon execute the feasibility study of this refinery project, which costs are estimated at $400-$600 million.
The capacity of the refinery is planned at 60,000 barrels per day in the initial phase, reaching 120,000 barrels per day in later stages of development. –(Albawaba-MEBG)
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