Council of Ministers Approves Aden Refinery Company Exclusive Importation of Oil Derivatives

Council of Ministers Meeting
The Council of Minister unanimously approved that the importation of all oil dderivatives must be exclusively carried out by the Aden Refinery Company

On Wednesday, the Council of Ministers held its regular meeting in Aden , the interim Capital of Yemen. Presided by Dr. Moeen Abdul Malik, the Prime Minister, the Council discussed a number of economic and development issues and services. They further went over the latest developments at different levels, especially the military aspects in the fighting fronts and security issues in the governorates that have been liberated.
The Council of Minister, therefore, took a number of decisions and measures in order to address such developments.

The Council of Ministers unanimously approved that importation of oil derivatives to the Republic of Yemen must be carried out by to Aden Refinery Company. All respective traders including the Yemeni Oil Company, must purchase their needs of oil derivatives from the Aden Refinery Company. Such purchasing shall be in Yemeni riyals not in hard foreign currency. All oil traders in all governorates having any pending oil shipments and/or tankers must complete the procedures for the importation of such tankers shipped before the issuance date of this decision.

The Council emphasized that this decision aims at protecting the national economy, stabilizing the national currency exchange rate and reducing the black market activity in this regard. More importantly is to ensure that the oil derivatives crisis does not happen again in all the governorates of the Republic of Yemen.
In addition, the Council of Minister further approved the establishment of the Information Bank for the oil sectors. This is based on the proposal submitted by the Oil Minister.

In fact, the foundation of the Information Bank for the oil sectors intends to provide modern safety systems. The Information Bank is highly important for attracting giant foreign companies have oil investments in Yemen.
Eventually, the Council of Minister consented to renew power-purchase contracts Aden, the interim capital and Lahj and Abyan governorates in accordance with the report forwarded by the Minister of Electricity and Energy.