Amid reports that Yemen is sitting on vast oil resources and could , with clever investments and management potentially outweigh its mighty oil heavy-weight Saudi Arabia in terms of oil and gas output and revenues, Yemen Oil and Mineral Ahmed Abdullah Dares met with Turkish Minister of Energy and Natural Resources Taner Yildiz in Istanbul - Turkey - this Thursday to discuss ways in which both friendly nations could strengthen bilateral cooperation in the energy sector.
Since Turkey and Yemen agreed to open up their national space and market by abolishing all visa rules and relaxing tax levies, Turkey has been keen to encourage its entrepreneurs to invest in Yemen; not only to help Yemen move past economic contraction but as well to offer Turkey an entire new market for its products and services. In a nutshell Yemen and Turkey have much to gain by standing together.
A long standing ally of Yemen, especially since 2011 uprising, Turkey live up to its promises by offering millions of dollars in humanitarian aid, medical equipment, technical assistance and expertise. At Yemen Donors' Conference, Ankara pledged $100 million to revive the nation ailing economy and cover Sana'a most urgent financial needs.
In response to questions relating to the creation of a tight Yemen-Turkey energy network Minister Dares noted "Yemen is undergoing a transformation for the better and Yemenis are eager to improve their economic situation and living conditions, which will not be achieved unless investment companies are serious. We need the oil and gas industry revenues to finance infrastructure projects in Yemen and create economic growth."
To which Minister Yildiz replied, "Turkey and Yemen ties are strong and old. Our investors are interested in coming to Yemen and Turkey fully support the move."
The meeting was attended by Yemen Ambassador to Turkey Mehdi Saleh, Head of oil exploration and production Engineer Nasr Hamidi , acting Chairman of the Geological Survey and Mineral Resources, Dr. Amer al-Sabri and Turkey's Ambassador to Yemen Fazli Corman.
It is important to note that while Yemen and Turkey are discussing future oil and gas contracts and potential partnership in the energy sector as a whole, President Abdo Rabbo Mansour Hadi is still trying to convince France-owned TOTAL E&P - the country's biggest oil and gas investor - to modify its LNG contract with Yemen as to align the selling price of LNG with the market. At present, TOTAL which is the majority shareholder of Yemen LNG, Yemen only LNG seller and producer is buying LNG three times below market value. Needless to say Yemenis are demanding a re-negotiation, arguing the contract had been signed by the former regime under shady circumstances and rumors of corruption.
President Hadi met with French Ambassador Franck Gellet on Thursday in Sana'a to discuss that very matter.
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