Yemen signs five oil contracts

The Yemeni news agency (Sabaa) said the Yemeni government on Wednesday signed four agreements on oil excavation and production shares in the province of Hadramout.

The agency said two agreements were signed with the British Oil and Gas Mine company and two other agreements with Brazilian Petro-bus and a Hungarian company.

In 1996 Yemen's total oil revenues were estimated at US $1.929 billion, of which Yemen's share was US $904 million and the rest went to the producing companies, al-Nahar reported.