Business

Yemen to build oil terminal at Ras Isa

The Ministry of Oil and Minerals has signed a contract with a consortium of Indian, Emarati and German companies to build an oil port in Ras Isa, costing $160m.

According to the official news agency SABA, the costs of the land-installations will reach about $120m, whereas the costs of the offshore construction will reach about $40m.

The project will include the construction of four oil tanks with a total capacity of more than 2m barrels.