SABA - Yemen news agency

Print date: 23-01-2018
Article link: http://www.sabanews.net/ar/news51357.htm
  Special Files
Investors Highlight Yemen`s leadl Conditions.
[06/October/2003]
By Moham’d Raweh.
Special ceremony held on 24 Sep. to mark approaching 10th anniversary of exporting crude oil from Al-Masila’s block no.(14) in Hudramout governorate, some 1,200 km eastern the capital Sana’a. Ten years ago , Yemen launched the first package of Al-Masila’s oil ,on 23 September 1993, when the British carrier named (Sireat ) loaded /55o/ thousand barrel of crude .At the commemoration function , organized by the ministry of Oil and the Canadian Oxxen Co., investors appraised the positive conditions for investment in Yemen , and described the concessions that Yemen provides in the field of oil and gas as an ideal. They also expressed satisfaction with the facilities and guarantees that ensured by the law of investment and the up to date legislative provisions.Mr. Charlie W. Fischer, chairman and first executive manager of the Canadian Oxxen Co. said “ On the same day 10 years ago, we had officially commemorated the inauguration of first charge of Al-Masila’s crude oil , today we’re in our tenth year, and we’ve achieved more than /843/ shipments of oil , so we’re marking a decade of a constant progress in producing and exporting over than /700/ million barrel of oil ”.Mr. Fischer added “ over ten Years we’d been received all support from the Yemeni leadership and concerned officers , so I do extend our great deal of thanks to them”. The Nexen’s chairman came to say “ passing a decade of a successful product operation in Al-Masila, is an occasion worthy to celebrate it , and to be proud of our partnership that enabled us to come up to these wonderful upshots. On his part , Mr. Larry Murphy the deputy chairman of the International Canadian Nexen Co. for Oil and Gas said “ the product of Al-Masila block no.(14) had increased from 120,000. barrel per a day, in the early years , to reach to 220,000 at the moment ”. This amount actually makes up around 50 % of Yemen’s oil total production, estimated at the present at 450,000, barrel per a day. Thereby , this block eventually is the largest productive block of seven exist in the country.Mr. Murphy went on saying “ over the past decade Nexen had managed to make discontinuous growth at the level of producing and the reserve as well. Consequently , this led to an increasing of the mutual benefits for Nexen, Yemeni government and other partners in Al-Masila block no. (14). He added that “ Nexen has won the concessions of oil exploring in many other blocks in different Yemeni regions.The regional manager of the International Contractors Corporation Co. Mr. Hany shahdah said ” it is so fortunate, that his company, which kicked off its career in Aedn, at the outset of the past century, when took part in constructing the Aden refinery, to mark half a century of its career, while it is still running several contracting business in Yemen”.Mr. Shahadah whose company was the main enterpriser in charge of the overall preparations and constructions in block no.(14) of Al-Masila, appraised Yemen’s conditions for investment saying that ” Yemen actually, offers multifarious opportunities for investment in many fields , and the government’s policies are very much encouraging.For his part, Mr. R. Olson, the Chief of Oxidental Petroleum Corporation , middle east zone, said “ the distinctive and continuous progression in the fields of Al-Masila block no. (14) is bolstering up the company’s vision that Yemen provides great investment atmosphere for the operation in the field of oil and gas , it is rarely to be offered elsewhere around the World ”. And he added “ the company’s decision to invest in Yemen was in the right direction , for the past , and it is promising , for the future”.Mr. Olson described Yemen’s provisions concerning to oil producing as ideal and the most competitive , saying “ middle east is the cornerstone in the company’s strategies, and Yemen is the jewel in the crown of those schemes, because it provides so positive climate for foreign investments, and the production conditions granted by Yemeni government is too competitive in the global domain of Oil industry. In short, the company has found out that Yemen is an ideal place for running its activities and business”. About Oxxidental investment plans Mr. Olson Said ” we’ve simultaneously experienced the positive changes that took place in Yemen recently and the achievements that made in the economical sphere, therefore we’ve great confidence of a prospective future, in fact , Oxxidental is the largest foreign investment in Yemen , however the company will keep on looking forward to get more opportunities of investment and our interests won’t be confined to the field of gas and oil but it is due to touch upon other areas”.