Yemen and the USAID Agency recently signed an agreement to execute a technical and financial study to modernize the Maareb Oil Refinery, located 137 kilometers from Sanaa. According to Al-Hayat daily, the American agency is committed to financing all phases of this study including detailed research, design of the complex and related information necessary for the modernization.
The project aims to boost production capacity of the refinery from 10,000 to 25,000 barrels per day in order to meet the growing domestic demand for oil.
Yemen's oil output stood at 440,000 barrels per day in 2000, constituting the country's main source of revenue. Proven oil reserves in Yemen presently amount to four billion barrels. –(MENA Report)
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