Oil investment projects between Yemen, Russia

The Yemeni government has approved the two agreements, one pertains to investment of oil in al-Mahra area to the south of Yemen and taking part in the production with a Russian company.

The Yemeni official news agency Sabaa said that the Yemeni Cabinet approved in its weekly meeting held on Tuesday on two draft agreements to participate in production. The two agreements were signed by the Yemeni ministry of oil and minerals and two companies one is Russia and the second is a Yemeni.

Yemen has recently announced its determination to sign oil excavation agreements with foreign companies to increase its oil production to one million barrels per day as Yemen produces at the meantime 500,000 barrels.