CRUDE OIL SALES FOR NEXT JUNE APPROVED

SANA'A, April 11 (Saba) - The Supreme Committee on Crude Oil Marketing approved on Sunday the crude oil sales for June, 2010, with a total quantity of 4.6 million barrels.

The committee approved to sell 2.4 million barrels of crude oil produced in Marib to Aden Refinery Company for the best offered price, 42 cent increase per barrel.

Moreover, the committee approved the official price of al-Masila crude produced in Hadramout province, estimated at 2.2 million barrels, for the best offered price, 20 cent decrease per barrel.

The supreme committee mandated the Technical Committee to study the issue of fixing the official price of Marib crude oil for the Aden Refinery Company in the light of the Cabinet decision on the sale of the full quantity available from this crude oil to the company, and suspending the decision to sell the quantity of 600 thousand barrels in the international market.

The supreme committee directed the technical committee to submit a proposed pricing mechanism that will be applied to sales of Marib crude for Aden Refinery Company to the next meeting for discussion and deciding the necessary action.

BA