Wednesday, 11 August 2010

Egypt and Yemen plan for a co-owned oil company

The Egyptian-Yemeni oil, gas and mining committee are in the concluding stages of establishing a mutually co-owned oil company, the first of its kind between Egypt and Yemen. The co-operation agreement was reached after a two day summit between oil and gas representatives for both countries.

The new oil company equally co-owned by both parties will be unique, said Egyptian Ambassador to Yemen, Mohamed Morsi Awad. He added that the new venture will help strengthen the bond between the two countries and should be an example to others.

Both countries have asserted their interest in working together on forthcoming oil, gas and mining projects, and future developments. Aswad concluded by saying that the cooperation will benefit both peoples and states.

Source: Global Arab Network

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