MEMO OF MODERNIZING MAREB OIL REFINERY SIGNED WITH KOREAN COMPANY

SANA'A, Nov. 22 (Saba)- Ministry of Oil and Minerals represented by
the Yemeni Company for Oil Infiltration signed on Sunday with a
Korean company for constructions a memorandum of understanding to
modernize Mareb Oil Refinery at sum of $ 150 million.

Under the memo, the Korean company would carry and fund the project
of modernizing the refinery in cooperation with some Korean banks to
raise capacities of the refinery from 10,000 barrels to 25,000
barrels daily in order to meet the growing need of local market of
oil and gas derivatives.

It is worth mentioning that the Mareb refinery was operated in 1986
at capacities of 10,000 barrels per day.

AH