Yemen, EU discuss investment cooperation in oil and gas
SANA’A, March 24 (Saba) – Oil and Minerals Minister Khaled Bahah discussed here on Monday with European Union (EU) ambassador to Yemen Bettina Muscheidt areas of economic and investment cooperation in oil and gas sectors.
They reviewed several topics related to promoting transparency in the extractive industries and circulating annual disclosure reports, as Yemen was one of the first countries that have early joined the Extractive Industries Transparency Initiative (EITI).
Bahah and Muscheidt also touched upon some procedures and developments in oil and gas sectors, topped by preparations for announcing competition for investment in petroleum blocks according to the bylaw approved by the cabinet, underlining the encouragement of the European oil companies to invest in Yemen.
The Minister indicated to the importance of EU role in supporting the overall activities, programs and studies the ministry intends to implement in oil, gas and minerals sectors as well as in areas of administrative and financial reforms and information flow and easily access.
In return, Muscheidt expressed the EU’s readiness to support the new stage of oil sector so as to help upgrade legislation and restructuring, expand projects database and modernize petroleum sector to receive the capitals willing to invest in Yemen.