The Yemeni President Ali Abdullah Al-Saleh, lay the corner stone yesterday for the Makla Oil Refinery project in Hadramout, reported Al-Hayat . The new oil refinery project, which is the first of its kind to be owned by the private sector, costs $900 million. The project is being launched by the Petroleum Investments Allied Company, which was established by investors from Yemen, Saudi Arabia and the United Arab Emirates (UAE). The project, which will be executed within 18-24 months, will process 25,000 barrels of oil per day (bpd) in its first phase, with output rising to 100,000 bpd in the future. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
