President encourages delegations to invest in oil field

SANA’A, Oct. 19 (Saba)- President Ali Abdullah Saleh said Yemen has plenty of oil and gas quantities but there is a need to a strong will and spending money for their explorations. “It is impossible to explore oil from underground without investment and spending money,” said the president, addressing the participating delegations in the Third Conference of Oil, Gas and Minerals which started its activities yesterday here. He added that oil explorations have started in Yemen since the 1980s and there are nearly 33 companies working in fields of oil, gas and minerals. Yemen has oil fields offshore and onshore as well as in the country’s border with Saudi Arabia. “We have offshore and onshore blocks which need to be explored but some companies deal with this matter like those who want to milk their cows without feeding them,” he affirmed. He renewed call to investments in Yemen in all fields saying:” We warmly welcome anyone wants to invest… in fields of oil, gas and minerals. Investment law in Yemen is improved and ensures all rights to investors.” He advised investors not to believe in all what is being published and broadcasted on terrorism and security problems as media is exaggerating while covering news about Yemen, explaining that terrorism is found in many countries including America and Europe. He noted that there are oil companies working in Yemen since 20 years and have not found any problem but if something happened, it is rare and people do not judge on rare things. For his part, Chairman of Organization of Petroleum Exporting Countries (OPEC) Abbas Al-Taqi said OPEC has not oil companies but it is an Arab organization includes 11 Arab countries and hoped that Yemen would be number 12. “During our two-day visit and through meetings, we found great promising opportunities in the Republic of Yemen in oil and gas fields,” he said. “This big number of oil companies working in Yemen confirms there are opportunities….these opportunities need support and communication with companies to work in Yemen to realize joint interests.” MA Saba