Saudi Arabia signs agreement to provide oil grant to Yemen

Publish April 14, 2021
oil and gas

The agreement is for a grant of oil derivatives amounting to $422 million Kolshat thanked the Kingdom for its continuous support to his country and the Yemeni people

RIYADH: The Saudi Development and Reconstruction Program for Yemen (SDRPY) has signed an agreement to supply oil derivatives to operate more than 80 power stations with the Yemeni government.
The agreement was signed by SDRPY general supervisor and Saudi ambassador to Yemen Mohammed bin Saeed Al-Jaber and Yemeni Minister of Electricity and Energy Anwar Kolshat.
The agreement is for a grant of oil derivatives totaling more than 1.260 million metric tons, and amounting to $422 million.
The grant is intended to serve the Yemeni people and alleviate their suffering, support the economy and develop infrastructure, a statement on Saudi Press Agency said.
It is “an extension of the generous support provided by the Kingdom to Yemen in all fields, and an affirmation of the fraternal bonds and strong ties between the two countries.”
The ceremony in Riyadh was attended by Yemen’s Oil Minister Abdulsalam Baaboud, along with a team of Yemeni executives and a group of development specialists at SDRPY.
Kolshat described the Kingdom’s support for the energy sector as an important and vital.
He said the grant’s main objective is to light up Yemeni homes, restore this service for the Yemeni people, and help achieve economic growth in the country.
Ambassador Al-Jaber said the Saudi oil derivatives aim to operate electrical stations to serve the Yemeni people, and in an effort to develop infrastructure and create job opportunities, they will contribute to improving services, supporting peace and enhancing hope.
He added that the grant would boost the Yemeni government’s budget and help it fulfill its other obligations that include paying salaries and wages for employees, and improving basic sector services.
Salman Al-Hazimi, director of the oil derivatives project at SDRPY, said the grant comes as an extension of previous grants provided by the Kingdom to Yemen with an estimated total of $4.2 billion.

arabnews

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