Economic Council discusses issues of oil, minerals, electricity, banks

SANA'A, Feb.20 (Saba)- The Supreme Economic Council discussed on
Saturday a number of the economic issues
on its agenda, especially in the areas of oil, minerals ,electricity and
banks and took appropriate decisions regarding them.
The council approved non-adoption of the memorandum of understanding
signed between Yemen Oil Refining Company (YORC) and the South Korean
Company (Shinhan) on expansion
of the Marib Refinery, as it does not meet the technical and legal
requirements.
Besides, the council stressed the need to download the expansion
project in a public tender to confirm the start of competition among the
international companies so as to
get the best deals in accordance with the regulations in force.
The council also approved the memo of Minister of Oil and Minerals
regarding the request of Kuwait Energy Company for a further extension
of the exploration second phase
in the partnership agreement in production in Block 35 in Hood area,
Hadramout province , for 18 months.
Furthermore, the council approved a memorandum by the Minister of Oil
on a request of the OMV Company for an additional extension of the
initial exploration phase in the
partnership agreement in the production in al-Ma'abar Block , Shabwa
province, for 12 months.
On another hand, the council referred the preliminary analytical study
on the actual consumption of the electricity sector during 2004-2008
from the diesel and fuel oil
and the expected consumption even to 2020 from the two materials, which
presented by the Oil Minister, to a ministerial committee from the
competent ministries to review
the study and submit the results to the Council for discussion and
taking the needful actions.
Likewise, the council referred a memorandum of Minister of Industry and
Trade on a proposed study for the establishment of the Comprehensive
Development Bank to a committee
headed by Governor of the Central Bank to study the proposal and submit
the results to the Council for discussion in the next meeting.
Moreover, the council got acquainted with a memorandum of the Oil
Minister on dealing with investment applications in field of exploration
in the open blocks, and directed
the Oil Ministry to amend the regulations of international competition
to serve the expansion of oil exploration activity.
BA