CRUDE OIL SALES FOR JULY 2010 APPROVED

SANA'A, May 10 (Saba) - Yemen's Supreme Committee on Crude Oil Marketing approved on Monday the crude oil sales for July 2010, with a total quantity of 6 million barrels.

The committee approved to sell about 3.6 million barrels of al-Masila crude produced in Hadramout province, including the remaining quantity of 200 thousand barrels from the June round, for the best offered price, 38 cent decrease per barrel.

Moreover, the committee approved to sell an estimated quantity of Marib crude oil at 2.4 million barrels to the Aden Refinery Company for the best offered price, 38 cent decrease per barrel.

The committee has reviewed the report of the technical committee on the level of implementation for the crude oil sales of April and May 2010, particularly with regard to shipping program for the quantities sold to the international market and the financial arrangements for the sale process.

It was also briefed on the results reached by the consulting firm charged with examining the possible sale of Yemeni oil allocated to the international market through long-term contracts and the recommendation of the technical committee in this regard.

The committee stressed the continuation of the current mechanism, in view of the success achieved so far within this mechanism, taking into account keeping the door open to the possibility of trying the long-term contracts in the event of difficulties in the existing mechanism.

BA