Saudi Arabia and Yemen ink USD 150 mln petroleum supply agreement
Baku, June 10, AZERTAC
In Riyadh, a 150 million US dollars deal was signed to supply petroleum derivatives for power plants across Yemen, under the patronage of Yemeni Prime Minister Dr. Shaya Mohsin Zindani, Saudi Press Agency (SPA) reported.
It was signed by Yemen’s Minister of Electricity and Energy Eng. Adnan Al-Kaf and Saudi Ambassador to Yemen and SDRPY General Supervisor Mohammed bin Saeed Al Jaber.
Diesel and mazut will power more than 70 electricity generation plants across Yemeni governorates.
It is expected to improve electricity stability, support vital sectors, stimulate commerce, create jobs, and boost economic growth.
Yemen’s PetroMasila oil company, Yemeni Ministry of Electricity and Energy, and SDRPY signed a separate agreement that strengthens the state-owned Yemeni oil company’s operations, efficiency, and service continuity.
Saudi Arabia has provided multiple petroleum grants to Yemen through the Saudi Development and Reconstruction Program for Yemen (SDRPY): 180 million US dollars in 2018, 422 million US dollars in 2021, 200 million US dollars in 2022 and 81.2 million US dollars in 2026.
The current 150 million US dollars grant comes amid rising temperatures and urgent electricity needs, aiming to improve daily life and living standards for the Yemeni people.
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