Foreign companies oil the wheels of industry in Yemen

Published October 21st, 2012 - 09:15 GMT
Non-Yemeni firms are becoming the driving force in the oil industry
Non-Yemeni firms are becoming the driving force in the oil industry

Yemen has recently received a number of requests from Arab and foreign companies to invest in oil sector, Oil and Minerals Minister said on Saturday.

During his meeting with British ambassador to Yemen Nicholas Hopton, Ahmed Dares said that the investment opportunities in the country are promising. "What has been explored does not exceed 20 % of the total area open to oil and gas exploration."

The Minister reiterated welcome to the British capitals to invest in Yemen, confirming the ministry's readiness to provide all forms of support for them.

The ministry is currently working on expanding exploration area of oil and gas in five blocks have been opened recently for investment and studying the promotion for the rest of the oil blocks, in addition to carrying out developments in the legislative and institutional oil structures, Dares said.

The British ambassador said that Britain would urge companies and investors to invest and found joint businesses in Yemen.

Hopton said that Britain is following up the political situation and the latest economic and political developments in Yemen, stressing its keenness to enhance the security, stability, development and economic fields in Yemen.

Dares and Hopton reviewed the activities of the British companies working in Yemen in oil exploration and production fields and the possible means to boost their investment activities in the country.

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