Local News

Yemen imports oil derivatives by billion dollars

By YN staff

The Yemeni government has accused influential people in smuggling oil derivatives outside Yemen, taking advantage of government support to earn enormous wealth for their self-employed. Therefore the Ministry of Interior prevented taking out the petroleum materials from the capital and confiscated all quantities seized. As a result of this value of Yemen import bill of petroleum products increased to 975 million dollars during the first four months of this year, an increase of $ 90 million from the corresponding period of 2013.

About this, a report issued by the Central Bank of Yemen explained that the rise of import bill caused by increasing subversive acts suffered by Pipeline of transportation of crude oil , which is between the production fields in Marib and refineries in Aden, during that period.

“Subversive acts led to decline oil production which is allocated for domestic consumption to six million and 640 thousand barrels, a decline reached to almost 360 thousand barrels from the same period in 2013. Said the report.

The government gives the import process to Aden Refinery Company, while The Central Bank is covering the import bill of the country’s reserves of foreign currency.

According to the report Yemen’s share of revenues from oil exports reached to $ 597 million compared with 910 million dollars was in 2013, registering a decrease reached to 313 million dollars.

However, Yemen’s share of amount of exports fell to almost five million and 410 thousand barrels during the first third of 2014 compared with eight millions and 290 thousand barrels was in 2013, with a big decline reached to two millions and 880 thousand barrels.

Central Bank of Yemen said that the reason of declining the reserve is the payment of the bill of petroleum products and basic food items by about 349 million dollars during the last April, while the central bank’s balance recorded a slight decrease reached to 4.5 billion YR to record outstanding balance of 2 trillion and 44 billion YR.