http://www.english.hadhramaut.info Supreme Economic Council approves re-launch the oil sector 80 Hadramout to compete [The Source: Mukalla/Hadramoutinfo/Saba.net - 18/12/2012] Discussed by the Supreme Economic Council draft production sharing agreement between the Ministry of Oil and Minerals Inc. (Giopetrol International Holding you) and Yemen General Corporation for Oil and Gas in the sector 80 area and marched in Hadramout valley, and that an estimated area of 1961 square kilometers. The Board approved at its meeting today under the chairmanship of Prime Minister brother Mohammed Salem Basendwah After considerable debate re-launch this sector object of the Convention to compete again on the companies, and to ensure the improvement of the economic conditions, contractual and tax, for the benefit of public finances and improve the resources the state budget. The Supreme Economic Council to the Ministry of Oil and Minerals need to pay the promotion process for the sectors of oil and gas so as to enhance attract investment quality and quantity of investment in these promising sectors, leading to the selection of offers better and improved economic conditions and returns obtained by the state from these resources sovereign important .. Stressing the importance of the adoption of the standard model of the oil agreements, taking into account economic and geological criteria and other aspects. The brother of Prime Minister during the meeting the need to maximize the benefit of Yemen from oil and gas resources in various sectors, including the benefit of the community and supports the Government's efforts to improve the lives of citizens and the alleviation of poverty .. Stressing the importance of stamping out corruption in the oil and institutions to maintain this national treasure that belongs to all citizens, and reliable drive economic development .. Stressing that the government will not tolerate any corruption in this sector or other sectors, ministries and agencies and all government institutions. The Supreme Economic Council reviewed a draft law National Petroleum Company (Petro Yemen) and sponsored by the Minister of Oil and Minerals. And referred the project to a committee headed by the Minister of Oil and Minerals and the membership of Ministers of Finance, Planning and International Cooperation and Legal Affairs, Industry and Trade and Expatriate Affairs and Secretary General of the Council of Ministers and head of exploration and production of oil for study and review and absorb the observations submitted it and report the results to the Council at its next meeting. The aim of the project of establishing the National Company for Petroleum to achieve plans shift in the areas of petroleum through the development of this wealth, preserve and manage their investments and the establishment of industry petroleum sophisticated rely on local human resources professionally qualified, in addition to control and supervise the full activities entities engaged in petroleum operations, and the development and expansion related industries and businesses to invest oil. The draft law contains 42 articles divided into six chapters include naming and definitions and the establishment of the company: its goals and objectives and powers, and the company's capital and profits and resources, in addition to the company's management and privileges, exemptions, and Final Provisions. The Supreme Economic Council had reviewed at the beginning of the meeting minutes of the previous meeting and approved.