Sana’a, China sign agreement to invest in field of Yemen’s oil exploration

Sanaa’s government and representative of the Chinese government, as well as Anton Company, signed on Saturday a memorandum of understanding in the capital Sanaa to invest in the field of oil exploration in the Republic of Yemen.

According to the Minister of Oil and Minerals, Ahmed Daris, the memorandum of understanding came after many negotiations and coordination with several foreign companies to invest in vital and important sector, in light of the available investment opportunities and the advantages and facilities that will serve these companies.

The minister welcomed the investment companies in the field of oil sector of Yemen, stressing the government’s keenness to provide facilities to encourage investors.

He called on all international companies to visit Yemen to see the ingredients, investment opportunities, advantages and facilities that will serve their investments.

“There are many ongoing negotiations with several international companies to enter and invest in the field of oil exploration in Yemen”, the minister added. “Work will be done to put the final touches to sign memorandums of understanding with them.”

He warned foreign companies against dealing or concluding any contracts with the coalition-backed government, calling for the oil companies operating in Yemen to the need to adhere to production sharing agreements and all circulars and directives issued to them by the Sanaa’s Ministry of Oil since 2018.