Yemen signs a contract to build an oil refinery in al-Mukalla

Yemen has signed a contract to build an oil refinery in al-Mukalla to the southern east part of the country at a cost of USD 895 million with a Gulf oil investment company.

The contract was cosigned by the Yemeni prime minister Abdul Qader Bajmal and representatives for the united company for " oil investments limited," of Saudi and United Arab Emirates UAE capitals.

The chairman of the Yemeni general commission for investment Abdul Karim Mteir said on Friday that the Gulf company will design, build, finance, own, operate and maintain the refinery which will provide some 1500 work opportunities.

He added that the refinery's production capacity will be 100,000 barrels every day upon completion and will increase Yemen's ability to ensure oil production and decrease the imports of these products.

Recently, Sanaa announced its determination to sign contracts on oil excavation with foreign companies to increase its oil production to one million barrels every day.

At the meantime, Yemen produces some 500,000 barrels of oil and its oil revenues is estimated at USD 1.4 billion.