Economic Council discusses issues of oil, minerals, electricity, banks
The Source: sana'a/hadhramaut.info/sabanews.net - 20/02/2010
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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 theproduction 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 ofthe 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.
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