SEC gives Occidental Yemen year more to end exploration

SANA'A, March 14 (Saba) - Supreme Economic Council (ESC) agreed in
its meeting held on Saturday the request of Occidental Yemen
Company-Block 20 al-Sabatain area in Marib and Shabwa provinces for
extending the second exploration phase to 12 months to end its
missions there.

The SEC meeting chaired by Prime Minister Ali Mujawar discussed the
strategic plan of the oil derivatives storage presented by Minister
of Oil and Minerals Amir Aidrous. The plan aims to meet with the
growing consumptive needs of the local market until 2015 and the
demands of investment development as well as determining the means
of finding the financings for constructing new supplying
institutions.

The ESC assured its support to the plan, directing to be submitted
to a specialized consulate company for study.

The council gave its directions to develop a study presented by Oil
Ministry related to expanding and upgrading Mareb refinery and
searching for a strategic partner for managing and developing the
refinery.

Moreover, the council dealt with several reports on fishery
conditions and the future plans of Insurances and Pensions General
Authority as well as memorandum on the classification of the
existing industrial institutions based on labor volume and capital.

BA/AF